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 Benton, Arkansas
A total of 33 records for private money lenders were found in Benton, AR. The mean loan amount is $284,250. Interest rates for hard money loans average about 11.2%. 18 months is the mean length for loans issued in the city. The average note includes a 4.0 percent origination charge. The average LTV offered for loans in Benton is 73%.
Loan Example 1
Alan takes a private money loan from Ocean View Lending Group in order to renovate a townhome to flip in Benton, AR. The price of the house is $370,000. The lender agrees to make a loan with a 75% loan to value (LTV) so they will loan $277,500 on the house. The terms of the loan dictate a 13% note for 12 months. They also stipulate a 4 point origination fee, that will also need to be paid upon closing.
The borrower will have to fund a total of $32,400 upon closing to pay the $92,500 down payment plus the $11,100 origination fee. After the loan closes, he will pay the lender $3,006 in monthly interest payments, or 13% times $277,500 divided by 12 months in a year. If Alan sells the property for $555,000 after 12 months, he would then earn a gross profit of $137,825 after deducting the principle of $277,500, the cash contributed at closing of $92,500, the origination fee of $11,100, and the aggregate interest payments of $36,075. This gross profit doesn't include building costs.
Loan Example 2
Desiree is a real estate investor in Benton, AR. She finds a run-down house for a remodeling project and obtains a private money loan from Frontera Finance Group with the following terms:
a) A $360,000 sales price, b) a 75% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.
Once the renovation project is completed, if Desiree sells the project for $450,000, the final numbers would be as follows:
$450,000 sales price
- $270,000 note principle (75% LTV)
- $90,000 down payment (25% on 75% LTV)
- $10,800 origination points (4% of the $270,000 principle)
- $24,300 total interest paid (12 months x 9% interest)
-----------------------
= $54,900 total profit (does not include taxes or rehab costs)
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