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Charlotte, NC has 50 lenders operating within the city. The mean loan made is approximately $414,063. The mean rate for private loans in Charlotte is 10.5%. The typical term for notes is 22 months. A typical hard money loan offered in the city includes a 3.6 point origination charge. 71% is the typical LTV for offered by lenders in Charlotte.
Roberto takes a loan from Suburban Finance Group in order to remodel a townhouse to flip in the Wilmore neighborhood of Charlotte, NC. The list price of the property is $240,000. The lender agrees to issue a note with a 70% loan to value (LTV) so they will extend $168,000 on the house. The deal also includes these features: 1) a 6 month term, 2) a 13% interest only note, and 3) a five percent origination fee.
Accordingly, Roberto will have to contribute a $72,000 down payment in addition to paying a $8,400 origination fee. After the deal is closed and Roberto takes the property, he will begin making payments each month of $1,820 to Suburban Finance Group ($168,000 principle x 13% / 12 months). Roberto's intention is to complete the rehab by the end of the 6 months and re-sell it for $360,000. If he succeeds he will collect a total profit of $100,680 ($360,000 price - $168,000 principle - $72,000 cash paid at closing - $8,400 origination points - $10,920 in total interest.
Big Lake Finance Group makes a loan to Stanley for a rehab project in the Lockwood area of Charlotte, NC. The loan dictates the following:
$210,000 purchase price
70% loan-to-value (LTV)
6 month term
13% interest rate
5% origination fee
Stanley intends to sell the property when the note expires for $283,500. If he achieves this goal, the deal numbers will be as follows:
$283,500 sales price
- $147,000 loan principle (70% LTV)
- $63,000 down payment (30% on 70% LTV)
- $7,350 origination fee (5% of the $147,000 principle)
- $9,555 interest payments (6 months x 13% interest)
-----------------------
= $56,595 gross profit (doesn't include taxes or renovation costs)
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7 Towpath Lane
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321 N Central Expressway, Suite 360
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9611 Brookdale Drive, Suite 100
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301 McCullough Drive, Suite 400
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401 North Tryon St
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17103 Preston Road, Suite 250
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525 North Tryon Street
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3838 Oak Lawn Avenue, Suite 1500
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1029 N Calvert St
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800 Park Office Drive, Suite 3106
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5737 Kanan Rd
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