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 ...
Hard Money Loans in Belen, New Mexico
Belen, NM has 43 private money lenders offering loans in the city. The average note amount in this city is $285,715. Interest rates on hard money loans made to Belen investors average 10.8%. 17 months is the average term for loans made in the city. The average hard money loan offered in this city carries a 3.2 percent origination cost. Lenders in Belen average a 76% loan-to-value (LTV) on their loans.
Loan Example 1
Dina closes on a $340,000 rehab project in the Rio Communities neighborhood of Belen, NM, using a private money loan from Top Dog Lending Group . The borrower will be required to contribute 40% of the sales price in cash to the closing based on a 60% loan-to-value stipulated by the lender. This makes the principle amount from Top Dog Lending Group $204,000. The deal also consists of the following features: 1) a 6 month length, 2) a 14% interest only note, and 3) a three percent origination charge.
Dina will need to contribute $136,000 to the closing (40% on the 60% LTV), plus she will need to pay the $6,120 origination fee. she will then pay $2,380 per month to Top Dog Lending Group . Dina 's intention is to complete the house by the end of the 6 months and resell it for $476,000. If she succeeds she will collect a gross profit of $115,600 ($476,000 sales price - $204,000 principle - $136,000 cash paid at closing - $6,120 origination fee - $14,280 in total interest payments.
Loan Example 2
Nettie is a real estate investor in the Rio Communities area of Belen, NM. She finds a run-down townhouse for a renovation project and takes a private money loan from Axis Funding Company with the following features:
$300,000 purchase price
70% loan to value (LTV)
18 month term
11% rate of interest
2% origination fee
Based on a $435,000 sales price at the end of the 18 month term, the final numbers for this project would look like this:
$435,000 sales price
- $210,000 note principle (70% LTV)
- $90,000 cash paid at closing (30% on 70% LTV)
- $4,200 origination points (2% of the $210,000 principle)
- $34,650 total interest paid (18 months x 11% interest)
-----------------------
= $96,150 total profit (does not include taxes or rehab costs)
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