
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!
There are 50 fix-and-flip hard money lenders serving Cullman, AL. In this city, the median note amount is $298,500. The median interest rate for hard money loans in Cullman is 10.4%. 18 months is the median term for notes issued in this city. The average hard money loan offered in the city carries a 3.8 point origination fee. Lenders in Cullman average a 71% LTV on their loans.
Morgan finds a duplex in Cullman, AL to remodel and resell. Since she does not have enough cash available to buy the $300,000 house outright, she decides to take out a fix-and-flip loan from Fair View Finance Company. The loan to value (LTV) on the loan is 85%. This means Morgan will have to bring 15% of the sales price to the closing and the principle will be $255,000 on the deal. The deal also includes these features: 1) a 18 month term, 2) a 8% interest only note, and 3) a one point origination fee.
Therefore, Morgan will be required to make a $45,000 down payment plus pay a $2,550 origination fee. The monthly interest only payments will then total $1,700 to Fair View Finance Company. At the end of the loan, she sells the renovated property for $450,000. After deducting the $30,600 in total interest payments ($1,700 multiplied by 18 months), the $2,550 origination fee, the $255,000 principle on the loan, and the $45,000 she brought to the closing, she will earn a total profit of $116,850 ($450,000 price minus $333,150 in costs). This profit would be reduced by any building costs paid out of pocket.
Holly takes out a loan from Big Lake Investment Group so she can renovate a property to flip in Cullman, AL. The deal has the following terms:
a) A $220,000 sales price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 3% origination fee.
Holly intends to sell the house when the note expires for $264,000. If she succeeds, the outcome would be as follows:
$264,000 sales price
- $176,000 loan principle (80% LTV)
- $44,000 down payment (20% on 80% LTV)
- $5,280 origination fee (3% of the $176,000 principle amount)
- $11,440 interest payments (6 months x 13% interest)
-----------------------
= $27,280 gross 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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