
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!
Pelham, AL has 50 fix and flip lenders operating within the city. Note amounts average around $300,938. The average rate for private loans in Pelham is 10.7%. The typical note issued in this city has a length of 19 months. The average loan issued in this city includes a 2.6 point origination cost. 72% is the median loan-to-value (LTV) for offered by lenders in Pelham.
Morris takes a private money loan from Dynamic Finance in order to rehab a townhouse to flip in Pelham, AL. The price of the property is $240,000. The loan to value (LTV) on the loan is 75%. This means that Morris will bring 25% of the purchase price to the closing and the principle will be $180,000 on the loan. The rate on the loan is 13% for a term of 6 months and the company requires a four point origination fee at the closing. The interest is to be paid on a monthly basis and the principle will be returned after the sale of the property.
Morris will need to contribute $60,000 to the closing (25% on the 75% loan to value), plus he will have to pay the $7,200 origination fee. Dynamic Finance will collect $1,950 in monthly interest payments from the borrower. This is calculated by taking the total loan amount of $180,000, multiplying that by the 13% rate of interest, and then dividing that amount by 12. At the end of the loan, he sells the renovated property for $300,000. After subtracting the $11,700 in total interest payments ($1,950 multiplied by 6 months), the $7,200 origination fee, the $180,000 principle on the loan, and the $60,000 he brought to the closing, he will earn a gross profit of $41,100 ($300,000 price minus $258,900 in total costs). This profit would then be reduced by any building costs paid out of pocket.
Dean is a an investor in Pelham, AL. He buys an older house for a rehab project and obtains a fix and flip loan from P & J Investment Corporation with the following paramters:
a) A $230,000 purchase price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 1% origination fee.
If Dean accomplishes his goal of a $310,500 sales price, the final numbers of the project would be as follows:
$310,500 sales price
- $149,500 note principle (65% LTV)
- $80,500 down payment (35% on 65% LTV)
- $1,495 origination points (1% of the $149,500 principle amount)
- $6,728 total interest paid (6 months x 9% interest)
-----------------------
= $72,278 gross profit (does not include taxes or renovation 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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