LendingHome Corporation is a San Francisco, CA based private money lender providing loans in 25 states throughout the United States. They provide buy and hold loans, short term loans, and fix and flip loans. They issue ...
Fix and Flip Loans in Tempe, Arizona
Tempe, AZ has 50 fix-and-flip hard money lenders operating within the city. The mean amount for loans is $365,000. Rates for private loans average around 11.3%. The typical length for notes is 19 months. The average loan issued in this city includes a 2.4 point origination fee. 71% is the mean loan-to-value (LTV) for for loans in Tempe.
Loan Example 1
Derrick finds a townhome in the Tremaine Park area of Tempe, AZ to renovate and resell. Since he doesn't have enough cash available to purchase the $390,000 project outright, he takes out a hard money loan from Deep Lake Lending Corporation . Because the lender sets a 80% loan to value, Derrick will need to put 20% down and the amount of the loan will be $312,000. The loan also consists of these features: 1) a 18 month term, 2) a 13% interest only note, and 3) a one point origination fee.
In addition to paying the $3,120 origination fee, Derrick will also need to fund $78,000 of the purchase with his own money, or 20% of the sales price. After the loan is closed and Derrick takes over the project, he will begin making payments each month of $3,380 to the lender ($312,000 principle x 13% / 12 months). Derrick 's plan is to finish the remodel within the 18 months and resell it for $487,500. If he succeeds he will collect a gross profit of $33,540 ($487,500 price - $312,000 principle amount - $78,000 cash at closing - $3,120 origination fee - $60,840 in total interest.
Loan Example 2
Elvira is a real estate investor in the Carrillo Ranch area of Tempe, AZ. She finds a run-down townhouse for a rehab project and takes out a private money loan from South End Finance Group with the following features:
$350,000 purchase price
80% loan-to-value (LTV)
6 month term
14% interest rate
2% origination fee
Assuming a $420,000 sales price at the end of the 6 month term, the numbers for the deal would look like the following:
$420,000 sales price
- $280,000 principle (80% LTV)
- $70,000 cash paid at closing (20% on 80% LTV)
- $5,600 origination fee (2% of the $280,000 principle)
- $19,600 interest payments (6 months x 14% interest)
-----------------------
= $44,800 total profit (does not include taxes or renovation costs)
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