
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!
Gardner, MA has 50 hard money lenders issuing loans in the city. Note amounts average around $301,750. Rates for private loans average about 12.0%. 14 months is the average term for loans made in the city. The average loan offered in this city carries a 2.9 percent origination cost. Lenders in Gardner average a 73% loan-to-value on their deals.
Max is a house flipper in Gardner, MA. He finds a run-down property and decides to renovate it and re-sell it for a profit. The house costs $270,000 but he does not have the full amount so he obtains a hard money loan with Rising Sun Funding Corporation. The terms of the deal include a 60% loan-to-value (LTV), so he must bring 40% of the price as cash to closing, which makes the principle note amount $162,000. The note is interest only, paid monthly, and is for 18 months at 11% interest with 2 points to be paid when the deal closes.
According to the terms of the deal, Max will be required to pay a $3,240 origination fee in addition to 40% of the purchase price, or $108,000, based on the 60% LTV. After the deal closes, he will pay Rising Sun Funding Corporation $1,485 in monthly interest fees, or 11% multiplied times $162,000 divided by 12 months in the year. Max's intention is to finish the remodel within the 18 months and re-sell it for $351,000. If he succeeds he will earn a gross profit of $51,030 ($351,000 sales price - $162,000 principle - $108,000 funds brough to closing - $3,240 origination fee - $26,730 in total interest paid.
Deborah locates a duplex in Gardner, MA to rehab and re-sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Johnson Finance Corporation with the following parameters:
$230,000 sales price
65% loan-to-value (LTV)
18 month term
14% interest rate
2% origination fee
Based on a $345,000 sales price at the end of the 18 month term, the final numbers for the project would look like the following:
$345,000 sales price
- $149,500 loan principle (65% LTV)
- $80,500 cash paid at closing (35% on 65% LTV)
- $2,990 origination points (2% of the $149,500 principle)
- $31,395 total interest paid (18 months x 14% interest)
-----------------------
= $80,615 total profit (does not 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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