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Baltimore, MD has 50 fix and flip hard money lenders in the city. In this city, the median note amount is $300,000. Interest rates for hard money loans average 11.3%. The median note issued in this city has a term of 45 months. The mean loan includes a 3.8 percent origination charge. Lenders typically offer a 75% LTV on deals in Baltimore.
Kenneth is an investor in Baltimore, MD. He finds an run-down property for sale in the Shipley Hill subdivision and decides to remodel it and resell it for a profit. The house has a cost of $300,000 but he doesn't have the full amount so he takes out a hard money loan with Deep Lake Lending Company . The lender agrees to make a loan with a 60% loan-to-value (LTV) so they will extend $180,000 on the project. The loan also consists of the following features: 1) a 12 month term, 2) a 10% interest-only note, and 3) a three point origination charge.
In accordance with the parameters of the loan, Kenneth will need to pay a $5,400 origination fee plus 40% of the sales price, or $120,000, based on the 60% LTV. Deep Lake Lending Company will collect $1,500 in monthly interest payments from the borrower. This is computed by taking the full loan amount of $180,000, multiplying that by the 10% rate of interest, and then dividing that number by 12. At the expiration of the loan, he sells the rehabed house for $390,000. After deducting the $18,000 in total interest payments ($1,500 multiplied by 12 months), the $5,400 origination fee, the $180,000 principle on the loan, and the $120,000 he contributed to closing, he will earn a total profit of $66,600 ($390,000 sales price minus $323,400 in total costs). This profit would then be reduced by any rehab costs paid by the borrow.
Tommy finds a property in the Locust Point Industrial Area area of Baltimore, MD to remodel and sell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from Pretty Perfect Funding Company with the following parameters:
$290,000 purchase price
75% loan to value (LTV)
12 month term
10% rate of interest
1% origination fee
Assuming a $348,000 sales price at the end of the 12 month term, the outcome for the project would look like the following:
$348,000 sales price
- $217,500 principle (75% LTV)
- $72,500 cash paid at closing (25% on 75% LTV)
- $2,175 origination fee (1% of the $217,500 principle amount)
- $21,750 total interest paid (12 months x 10% interest)
-----------------------
= $34,075 total profit (doesn't include taxes or rehab costs)
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