Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
Fix and Flip Loans in Helena, Montana
Helena, MT has 35 fix and flip lenders offering loans within the city. The mean loan made to borrowers is approximately $291,250. The mean interest rate for private loans in Helena is 10.5%. 43 months is the mean term for loans issued in the city. A typical hard money loan issued in the city carries a 4.5 percent origination fee. 78% is the typical loan to value offered for for loans in Helena.
Loan Example 1
Dwayne is a house flipper in Helena, MT. He locates an run-down property for sale in the Helena Valley Southeast neighborhood and wants to remodel it and re-sell it for a profit. The house costs $370,000 but he does not have the full amount so he takes out a fix and flip loan with Brook View Investments . The borrower will need to fund 15% of the purchase price in cash to the closing based on a 85% loan-to-value stipulated by the lending company. This makes the principle note from Brook View Investments $314,500. The terms of the deal dictate a 13% note for 18 months. They also stipulate a 5 point origination fee, that will also be paid at closing.
Dwayne will need to bring $55,500 to closing (15% on the 85% loan-to-value), plus he will have to pay the $15,725 origination fee. After the deal is executed and Dwayne takes the project, he will have to begin making monthly payments of $3,407 to Brook View Investments ($314,500 principle x 13% / 12 months). Dwayne 's intention is to finish the remodel by the end of the 18 months and re-sell it for $481,000. If he succeeds he will earn a total profit of $33,948 ($481,000 sales price - $314,500 principle - $55,500 cash paid at closing - $15,725 origination fee - $61,328 in total interest paid.
Loan Example 2
ABC Lending makes a private money loan to Harold for a renovation project in the Helena Valley Southeast area of Helena, MT. The deal dictates the following:
$400,000 purchase price
55% loan-to-value (LTV)
6 month term
14% rate of interest
2% origination fee
After the rehab project is finished, if Harold sells the project for $560,000, the final numbers would be the following:
$560,000 sales price
- $220,000 principle on note (55% LTV)
- $180,000 cash paid at closing (45% on 55% LTV)
- $4,400 origination points (2% of the $220,000 principle amount)
- $15,400 interest payments (6 months x 14% interest)
-----------------------
= $140,200 gross profit (does not include taxes or rehab costs)
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Fairfield Financial Services
Portland, OR
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