
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
Calexico, CA has 50 fix and flip lenders in the city. Note amounts average around $287,188. Interest rates for loans average about 8.6%. The typical loan made in the city is for 16 months. The mean points added to the loans is 4.4%. The mean loan to value for loans in Calexico is 75%.
Jennifer takes a fix and flip loan from Big Lake Lending Corporation in order to renovate a house to resale in Calexico, CA. The list price of the house is $340,000. The borrower will need to bring 20% of the sales price in cash to closing based on a 80% loan to value set by the lending company. This makes the principle note from Big Lake Lending Corporation $272,000. The loan also consists of these features: 1) a 6 month length, 2) a 12% interest-only note, and 3) a four percent origination charge.
On top of the $10,880 origination fee, Jennifer will also have to fund $68,000 of the purchase with her own cash, or 20% of the sales price. Big Lake Lending Corporation will collect $2,720 in monthly interest from the Jennifer. This is calculated by taking the full loan value of $272,000, multiplying that by the 12% interest rate, and then dividing that amount by 12. At the expiration of the note, she sells the rehabed house for $510,000. After subtracting the $16,320 in interest payments ($2,720 multiplied by 6 months), the $10,880 origination fee, the $272,000 principle on the note, and the $68,000 she brought to closing, she will make a gross profit of $142,800 ($510,000 price minus $367,200 in total costs). This amount would be reduced by any building costs paid out of pocket.
Isabelle takes out a hard money loan from Rehabbers Lending Group so she can rehab a townhome to resell in Calexico, CA. The deal has the following parameters:
a) A $180,000 sales price, b) a 75% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 4% origination fee.
Once the rehab project is finished, if Isabelle sells the property for $225,000, the final numbers would be the following:
$225,000 sales price
- $135,000 note principle (75% LTV)
- $45,000 cash paid at closing (25% on 75% LTV)
- $5,400 origination fee (4% of the $135,000 principle)
- $17,550 interest payments (12 months x 13% interest)
-----------------------
= $22,050 total profit (doesn't include taxes or rehab costs)
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
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