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 Birmingham, Alabama
A total of 39 records for private money lenders were found in Birmingham, AL. The mean loan amount in the city is $311,072. Interest rates on private loans made to Birmingham borrowers average about 10.7%. The mean loan issued in this city has a term of 38 months. The average loan includes a 3.0 percent origination cost. Lenders in Birmingham average a 71% LTV on their deals.
Loan Example 1
Leticia takes a loan from Evergreen Funding Company in order to remodel a townhouse to flip in Birmingham, AL. The sales price of the house is $220,000. The loan to value (LTV) on the note is 60%. This means that Leticia will have to bring 40% of the sales price to closing and the principle amount will be $132,000 on the loan. The rate on the loan is 13% for a term of 12 months and the lender requires a one point origination fee at the close. The interest is to be paid monthly and the principle will be repaid after the sale of the property.
According to the terms of the note, Leticia will be required to contribute a $1,320 origination fee plus 40% of the sales price, or $88,000, based on the 60% LTV. Evergreen Funding Company will collect $1,430 in monthly interest from the Leticia . This is calculated by taking the full loan value of $132,000, multiplying by the 13% rate of interest, and then dividing that number by 12. At the end of the loan, she sells the rehabed house for $297,000. After subtracting the $17,160 in total interest payments ($1,430 multiplied by 12 months), the $1,320 origination fee, the $132,000 principle amount on the loan, and the $88,000 she brought to closing, she will make a gross profit of $58,520 ($297,000 sales price minus $238,480 in total costs). This amount would then be reduced by any building costs paid by the borrow.
Loan Example 2
Downtown Investment Group makes a loan to Rene for a remodeling project in Birmingham, AL. The loan dictates the following:
a) A $310,000 purchase price, b) a 50% loan-to-value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 1% origination fee.
Assuming a $465,000 sales price at the end of the 6 month term, the outcome for the project would look like the following:
$465,000 sales price
- $155,000 note principle (50% LTV)
- $155,000 cash paid at closing (50% on 50% LTV)
- $1,550 origination fee (1% of the $155,000 principle)
- $10,850 total interest paid (6 months x 14% interest)
-----------------------
= $142,600 total profit (does not include taxes or renovation costs)
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Based in Coeur d'Alene, IA, COGO Capital is an asset-based lender providing loans in 45 states throughout the US. They provide private commercial loans, fix-and-flip loans, and loans for investments properties. Their loan guidelines are flexible, including ...
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Allied Commercial Funding is private lender headquartered in Agoura Hills, CA. They provide funding in 43 states throughout the US. They provide lending solutions for a variety of situations and needs, including hard money loans for commercial ...
T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
Empire Financial Services is a Tukwilla, WA based hard money lender who offers funding in 16 states across the country. They offer lending solutions for a variety of situations, including hard money loans for commercial properties, fix and flip ...
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using ...
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Asset Avenue is private money lender based in Los Angeles, CA. They provide loans in 44 states across the United States. They provide loans for a variety of needs and situations, including short term loans, investment property ...
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Cherrywood Commercial is a Diamnond Bar, CA based private money lender who provides loans in 48 states throughout the United States. They provide lending solutions for many different situations, including short term bridge loans and commercial hard money loans. ...
Bridge Well Capital is a hard money lender in Orlando, FL offering funding in 40 states throughout the United States. They provide loans for investments properties, cash out hard money loans, and fix-and-flip hard money loans. Their ...
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Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
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