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 Jonesboro, Arkansas
We found 34 results for fix and flip lenders in Jonesboro, AR. In this city, the average loan amount is $291,250. The average rate for private loans in Jonesboro is 10.7%. The average loan issued in the city has a term of 21 months. The average loan includes a 3.3 point origination fee. 76% is the typical loan to value offered for for loans in Jonesboro.
Loan Example 1
Minerva finds a property in Jonesboro, AR to renovate and re-sell. Since she doesn't have enough cash to buy the $270,000 project outright, she decides to take out a hard money loan from City Finance . The terms of the note include a 70% loan-to-value (LTV), so she must bring 30% of the price as cash at closing, making the principle note amount $189,000. The terms of the deal dictate a 13% note for 12 months. They also stipulate a 5 point origination fee, which will also have to be paid when the property closes.
In addition to paying the $9,450 origination fee, Minerva will also need to fund $81,000 of the purchase with her own money, or 30% of the sales price. After the loan is closed and Minerva takes the project, she will have to begin making payments each month of $2,048 to City Finance ($189,000 principle x 13% / 12 months). If she sells the remodeled house for $405,000 at the end of the 12 month term, her gross profit (not including renovation costs) would be $100,980. This is computed by taking the purchase price ($405,000) and subtracting the original principle ($189,000), the origination fee ($9,450), the cash she brought to closing ($81,000), and the total interest payments ($24,570).
Loan Example 2
Beverly takes out a loan from Top Notch Finance so she can remodel a townhouse to resell in Jonesboro, AR. The deal has the following parameters:
$390,000 purchase price
70% loan to value (LTV)
12 month term
12% rate of interest
1% origination fee
Beverly intends to sell the house at the end of the term for $565,500. If she succeeds, the outcome will be the following:
$565,500 sales price
- $273,000 principle (70% LTV)
- $117,000 down payment (30% on 70% LTV)
- $2,730 origination fee (1% of the $273,000 principle)
- $32,760 total interest paid (12 months x 12% interest)
-----------------------
= $140,010 gross profit (does not include taxes or rehab costs)
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Bridge Well Capital is a hard money lender in Orlando, FL offering funding in 40 states throughout the United States. They provide loans for investments properties, cash out hard money loans, and fix-and-flip hard money loans. Their ...
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Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
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