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Bronx, NY has 50 hard money lenders in the city. In this city, the median amount for loans is $483,786. Interest rates for hard money loans average about 10.4%. The median loan issued in this city has a length of 18 months. The average hard money loan made in the city includes a 2.3 point origination fee. The average LTV offered for loans in Bronx is 69%.
Glenda closes on a $190,000 rehab project in the Castle Hill subdivision of Bronx, NY, using a private money loan from East Shore Lending . The terms of the deal include a 80% loan to value (LTV), so she must contribute 20% of the price as cash at closing, which makes the principle loan amount $152,000. The note is interest only, with monthly payments, and is for 18 months at 8% interest with 5 origination points paid at closing.
Accordingly, the borrower will need to make a $38,000 down payment plus pay a $7,600 origination fee. Once the deal closes, she will need to pay East Shore Lending $1,013 in monthly interest fees, or 8% times $152,000 divided by 12 months in the year. If Glenda meets her goal of a $266,000 total sales price at the end of the loan term, she would pocket a gross profit of $50,160 after repaying the principle on the note and deducting the cash she contributed at closing, the origination fee, and the total interest payments.
Bryan is a real estate investor in the Van Nest neighborhood of Bronx, NY. He purchases a run-down townhouse for a rehab project and takes a private money loan from Presitge Lending Corporation with the following terms:
a) A $350,000 purchase price, b) a 55% loan-to-value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 4% origination fee.
Based on a $420,000 sales price at the end of the 18 month term, the numbers for this deal would look like this:
$420,000 sales price
- $192,500 note principle (55% LTV)
- $157,500 cash paid at closing (45% on 55% LTV)
- $7,700 origination fee (4% of the $192,500 principle amount)
- $31,763 interest payments (18 months x 11% interest)
-----------------------
= $30,538 gross profit (doesn't include taxes or rehab costs)
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