
We are personally invested in every loan. We deliver easy transactions that are competitively priced and swiftly executed.
Attapulgus, GA has 50 commercial private money lenders serving the city. The mean note amount in the city is $458,334. The mean interest rate for hard money loans in Attapulgus is 12.0%. 22 months is the mean term for notes issued in this city. The average origination fee for the loans is 3.5 percent. Lenders offer on average a 71% loan-to-value on deals in Attapulgus.
Etta owns a business in Attapulgus, GA and needs to purchase a new warehouse to run her operations. Because she is unable to secure a conventional mortgage loan from a bank, she looks to All American Investment Group for a commercial hard money loan. Because the lender and borrower agree on a 50% loan to value (LTV), Etta will pay $245,000 at closing and the loan principle will be $245,000 since the list price of the new property is $490,000. The parameters of the note include a 3 year term, a 14% rate of interest, and a 4 origination fee to be paid by Etta when the deal closes. Etta may eliminate the loan at any time by paying off the $245,000 in principle, but she will must make $2,858 /month interest payments ($245,000 principle amount x 14% interest rate / 12 months) in the meantime, or until the note expires. Because there isn't a pre-payment penalty, the only additional cost she would have to pay is the $9,800 origination fee which she will contribute at the closing.
So she can purchase a new office space for her small business, Susan looks to Mountain Rock Lending Corporation to fund her acquisition with a commercial private money loan because she can't obtain a commercial mortgage from a bank. The price of the new property is $1,890,000 and the lending company agrees to contribute 80% of the price (the loan-to-value / "LTV"), or $1,512,000. The remaining $378,000 will be funded by the borrower when the loan is executed. The loan also includes a 3 year length, a 14% interest rate, interest-only payments paid monthly with a final payment at the end of the note (without a pre-payment penalty), and a 3 point origination fee. By the rules of this loan, Susan will pay an origination fee of $45,360 at the closing (3% x $1,512,000 principle) and will then start making payments of $17,640 monthly ($1,512,000 principle x 14% interest / 12 months per year). she will also make a final payment of the $1,512,000 principle upon expiration of the loan, or before if she chooses to pay off early.
We are personally invested in every loan. We deliver easy transactions that are competitively priced and swiftly executed.
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