
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!
West Memphis, AR has 41 fix and flip lenders offering loans within the city. In this city, the average amount loaned is $289,063. Interest rates for hard money loans average about 10.8%. The median loan issued in this city is 21 months in length. The average note includes a 2.5 point origination cost. Lenders offer on average a 76% loan to value (LTV) on hard money loans in West Memphis.
Nancy finds a townhouse in West Memphis, AR to flip and resell. Since she does not have enough cash available to purchase the $330,000 house outright, she decides to take out a private money loan from Superior Finance. The lender agrees to make a note with a 85% loan-to-value (LTV) so they will loan $280,500 on the property. The loan is interest-only, with monthly payments, and is for 12 months at 13% interest with 3 origination points to be paid at the closing.
Accordingly, the borrower will have to contribute a $49,500 down payment plus pay a $8,415 origination fee. After the loan is executed and Nancy takes over the project, she will need to begin making payments each month of $3,039 to Superior Finance ($280,500 principle x 13% / 12 months). Assuming she sells the renovated house for $396,000 at the end of the 12 month term, her gross profit (not accounting for renovation expenses) would be $21,120. This is calculated by taking the sales price ($396,000) and subtracting the principle ($280,500), the origination fee ($8,415), the money she brought to closing ($49,500), and the total interest payments ($36,465).
Scott finds a townhouse in West Memphis, AR to renovate and sell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from South Side Funding Company with the following parameters:
$320,000 sales price
70% loan to value (LTV)
12 month term
9% interest rate
5% origination fee
If Scott accomplishes his goal of a $464,000 sales price, the outcome of the project will be the following:
$464,000 sales price
- $224,000 loan principle (70% LTV)
- $96,000 down payment (30% on 70% LTV)
- $11,200 origination points (5% of the $224,000 principle amount)
- $20,160 total interest paid (12 months x 9% interest)
-----------------------
= $112,640 gross profit (does not include taxes or rehab 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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Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing nationwide in commercial loans, adaptive re-use, construction lines of credit, ground up construction, fix & flip, & more!
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