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 Nanuet, New York
Nanuet, NY has 50 fix and flip lenders serving the city. Loan amounts average about $377,188. Interest rates on private loans made to Nanuet borrowers average 11.0%. The mean length for loans is 17 months. The mean loan includes a 2.6 point origination fee. Lenders typically offer a 71% loan-to-value on deals in Nanuet.
Loan Example 1
Allyson is a house flipper in Nanuet, NY. She finds an older property and wants to remodel it and sell it for a profit. The house costs $200,000 but she doesn't have the full amount so she takes out a hard money loan with J & T Finance Group . The loan to value (LTV) on the note is 55%. This means that Allyson will need to bring 45% of the sales price to the closing and the principle will be $110,000 on the note. The deal also consists of the following features: 1) a 6 month term, 2) a 12% interest only note, and 3) a three point origination charge.
Allyson will need to bring a total of $32,400 up front to cover the $90,000 down payment plus the $3,300 origination fee. Once the deal is closed and Allyson takes over the project, she will begin making payments each month of $1,100 to the lender ($110,000 principle x 12% / 12 months). If Allyson achieves her goal of a $300,000 sales price when the loan term expires, she would pocket a gross profit of $90,100 after re-paying the principle amount and subtracting the money she brought to closing, the origination fee, and the monthly interest payments.
Loan Example 2
Wallace takes out a hard money loan from Dynamic Lending Group so he can rehab a townhouse to re-sell in Nanuet, NY. The deal has the following terms:
$400,000 sales price
70% loan-to-value (LTV)
18 month term
11% rate of interest
3% origination fee
Wallace plans to sell the house when the note expires for $520,000. If he achieves this goal, the final numbers would be as follows:
$520,000 sales price
- $280,000 principle on note (70% LTV)
- $120,000 down payment (30% on 70% LTV)
- $8,400 origination fee (3% of the $280,000 principle)
- $46,200 total interest paid (18 months x 11% interest)
-----------------------
= $65,400 gross profit (doesn't include taxes or rehab costs)
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Fairfield Financial Services
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Express Hard Money
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