
You can rely on us as your hard money and private bridge finance lender in providing the most effective real estate financing solutions in the country.
A total of 47 records for fix-and-flip hard money lenders were found in Sylvania, AL. Note amounts average about $297,188. Interest rates for hard money loans average about 10.6%. 16 months is the mean length for notes issued in this city. The mean loan includes a 3.4 percent origination fee. Lenders offer on average a 74% loan-to-value on loans in Sylvania.
Ted finds a property in Sylvania, AL to flip and sell. Since he does not have enough cash on-hand to buy the $290,000 project outright, he takes out a hard money loan from Big Lake Finance. The lender agrees to issue a note with a 80% loan-to-value (LTV) so they will extend $232,000 on the project. The deal also has the following features: 1) a 6 month length, 2) a 10% interest only note, and 3) a five point origination fee.
Ted will need to contribute $58,000 to the closing (20% on the 80% LTV), plus he will have to pay the $11,600 origination fee. Big Lake Finance will collect $1,933 in monthly interest from the Ted. This is computed by taking the full loan value of $232,000, multiplying that by the 10% interest rate, and then dividing that number by 12. If Ted sells the project for $362,500 after 6 months, he would then earn a gross profit of $49,300 after deducting the principle amount of $232,000, the funds contributed at the close of $58,000, the origination points of $11,600, and the aggregate interest payments of $11,600. This gross profit does not account for rehab costs.
Mario finds a duplex in Sylvania, AL to renovate and resell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Perfect Funding Company with the following parameters:
$200,000 sales price
70% loan to value (LTV)
6 month term
10% interest rate
5% origination fee
After the rehab project is complete, if Mario sells the property for $250,000, the final numbers would be the following:
$250,000 sales price
- $140,000 note principle (70% LTV)
- $60,000 cash paid at closing (30% on 70% LTV)
- $7,000 origination fee (5% of the $140,000 principle amount)
- $7,000 total interest paid (6 months x 10% interest)
-----------------------
= $36,000 total profit (doesn't include taxes or renovation costs)
You can rely on us as your hard money and private bridge finance lender in providing the most effective real estate financing solutions in the country.
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