
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!
Derry, NH has 50 lenders operating within the city. The median loan amount in the city is $345,000. Interest rates for loans average 11.9%. The mean term offered for loans is 15 months. A typical loan made in the city carries a 2.9 point origination fee. The typical loan-to-value offered for loans in Derry is 74%.
Adele closes on a $280,000 rehab project in Derry, NH, using a private money loan from Progressive Funding Company. The lender agrees to issue a loan with a 60% loan to value (LTV) so they will loan $168,000 on the house. The note is interest-only, with monthly payments, and is for 18 months at 12% interest with 1 origination points paid at the closing.
On top of the $1,680 origination fee, Adele will also need to fund $112,000 of the purchase with her own funds, or 40% of the purchase price. Once the loan closes, she will have to pay the lender $1,680 in monthly interest payments, or 12% multiplied by $168,000 divided by 12 months in a year. At the end of the loan, she sells the renovated property for $378,000. After subtracting the $30,240 in total interest payments ($1,680 multiplied by 18 months), the $1,680 origination fee, the $168,000 principle on the loan, and the $112,000 she brought to the closing, she will make a total profit of $66,080 ($378,000 price minus $311,920 in total costs). This profit would then be reduced by any building costs paid by Adele.
Urban Investment Corporation issues a loan to Stephanie for a rehab project in Derry, NH. The loan includes the following:
a) A $170,000 sales price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 3% origination fee.
Stephanie intends to sell the project at the end of the term for $246,500. If she accomplishes her goal, the final numbers would be as follows:
$246,500 sales price
- $119,000 principle on note (70% LTV)
- $51,000 cash paid at closing (30% on 70% LTV)
- $3,570 origination points (3% of the $119,000 principle amount)
- $4,760 interest payments (6 months x 8% interest)
-----------------------
= $68,170 gross profit (doesn't 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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