
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!
Bridgeport, CT has 50 private money lenders in the city. Loan amounts average approximately $300,000. Interest rates on hard money loans made to Bridgeport borrowers average about 11.8%. The average loan made in the city is for 35 months. The average hard money loan made in this city includes a 2.4 percent origination cost. Lenders in Bridgeport average a 75% LTV on their loans.
Franklin finds a house in Bridgeport, CT to remodel and sell. Since he does not have enough cash on-hand to acquire the $210,000 project outright, he takes out a private money loan from Superior Lending Company. The loan-to-value (LTV) on the loan is 65%. This means that Franklin will need to bring 35% of the purchase price to closing and the principle will be $136,500 on the loan. The rate on the note is 11% for a term of 18 months and the company requires a five point origination fee at the close. The interest payments are to be paid monthly and the principle amount will be repaid after the sale of the property.
In addition to paying the $6,825 origination fee, Franklin will also have to fund $73,500 of the purchase with his own money, or 35% of the purchase price. The monthly interest-only payments will then total $1,251 to the lender. If Franklin meets his goal of a $252,000 sales price when the loan expires, he would collect a gross profit of $12,653 after repaying the principle on the note and deducting the cash he paid at closing, the origination points, and the total monthly interest payments.
Shelia locates a property in Bridgeport, CT to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Blue Mountain Lending Company with the following parameters:
$220,000 purchase price
85% loan to value (LTV)
6 month term
11% rate of interest
2% origination fee
After the rehab project is complete, if Shelia sells the house for $286,000, the outcome would be as follows:
$286,000 sales price
- $187,000 note principle (85% LTV)
- $33,000 cash paid at closing (15% on 85% LTV)
- $3,740 origination points (2% of the $187,000 principle)
- $10,285 total interest paid (6 months x 11% interest)
-----------------------
= $51,975 total profit (does not include taxes or renovation 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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(212) 634-7899 - Loan Fundr a premier Nationwide asset-based lender using technology to close loans fast. We think creatively, providing fair and transparent loans that get our clients what they need.
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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