
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!
There are 50 private money lenders operating in Dekalb, IL. The average loan made is about $314,688. Rates for hard money loans average around 10.8%. 27 months is the average length for loans issued in the city. The average hard money loan offered in the city carries a 2.9 point origination charge. The mean loan to value (LTV) offered for loans in Dekalb is 72%.
Perry closes on a $240,000 rehab project in Dekalb, IL, using a hard money loan from Uptown Finance Corporation. The loan to value (LTV) on the note is 60%. This means that Perry will have to bring 40% of the sales price to the closing and the principle will be $144,000 on the deal. The parameters of the deal dictate a 9% note for 12 months. They also stipulate a 2 point origination fee, that will also have to be paid when the property closes.
According to the parameters of the note, Perry will need to contribute a $2,880 origination fee plus 40% of the sales price, or $96,000, based on the 60% LTV. After the loan is executed and Perry takes over the project, he will begin making monthly payments of $1,080 to the lender ($144,000 principle x 9% / 12 months). If Perry sells the house for $324,000 after 12 months, he would realize a gross profit of $68,160 after deducting the original principle of $144,000, the funds contributed at closing of $96,000, the origination fee of $2,880, and the aggregate interest payments of $12,960. This amount doesn't account for remodeling costs.
Cleo finds a townhouse in Dekalb, IL to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Frontera Investment Corporation with the following parameters:
a) A $350,000 purchase price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 4% origination fee.
Cleo intends to list the house at the end of the term for $507,500. If she succeeds, the final numbers would be the following:
$507,500 sales price
- $280,000 principle on note (80% LTV)
- $70,000 down payment (20% on 80% LTV)
- $11,200 origination fee (4% of the $280,000 principle)
- $22,400 interest payments (12 months x 8% interest)
-----------------------
= $123,900 gross profit (doesn't include taxes or rehab 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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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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