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Helena, MT has 33 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.
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.
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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Portland, OR
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