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Easton, PA has 50 lenders serving the city. Note amounts average about $289,286. Rates for loans average around 11.8%. The typical term offered for notes is 17 months. A typical loan made in this city includes a 4.7 percent origination cost. The average loan-to-value (LTV) offered for loans in Easton is 70%.
Brian is a real estate investor in Easton, PA. He discovers an older property for sale and wants to rehab it and sell it for a profit. The property costs $160,000 but he doesn't have the full amount so he takes a private money loan with Boom Investment Company . The borrower will be required to fund 45% of the sales price in cash to closing based on a 55% loan-to-value set by the lender. This makes the loan principle from Boom Investment Company $88,000. The loan also has these features: 1) a 18 month length, 2) a 11% interest only note, and 3) a three point origination charge.
According to the terms of the note, Brian will be required to pay a $2,640 origination fee plus 45% of the sales price, or $72,000, based on the 55% LTV. Once the loan closes, he will need to pay Boom Investment Company $807 in monthly interest payments, or 11% times $88,000 divided by 12 months in a year. At the expiration of the loan, he sells the rehabed property for $208,000. After subtracting the $14,520 in interest payments ($807 times 18 months), the $2,640 origination fee, the $88,000 principle on the loan, and the $72,000 he brought to closing, he will make a gross profit of $30,840 ($208,000 price minus $177,160 in costs). This profit would then be reduced by any building costs paid out of pocket.
Matthew locates a duplex in Easton, PA to rehab and resell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from Boom Investment Group with the following parameters:
$250,000 sales price
60% loan to value (LTV)
6 month term
10% rate of interest
4% origination fee
Assuming a $375,000 sales price after the 6 month term, the numbers for the project would look like the following:
$375,000 sales price
- $150,000 principle (60% LTV)
- $100,000 down payment (40% on 60% LTV)
- $6,000 origination points (4% of the $150,000 principle amount)
- $7,500 interest payments (6 months x 10% interest)
-----------------------
= $111,500 gross profit (does not include taxes or rehab costs)
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