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Grand Rapids, MI has 50 lenders operating in the city. The median loan amount is $293,750. The median interest rate for private loans in Grand Rapids is 10.9%. 17 months is the median length for loans offered in this city. The average note includes a 3.3 percent origination fee. Lenders in Grand Rapids average a 71% loan to value (LTV) on their loans.
J & T Funding Group issues a hard money loan to George for a remodeling project in the South East End neighborhood of Grand Rapids, MI, on a house that costs $210,000. The lender agrees to make a note with a 70% loan-to-value (LTV) so they are willing to loan $147,000 on the house. The note is interest-only, paid monthly, and is for 12 months at 12% interest with 1 points paid at closing.
Accordingly, George will have to make a $63,000 down payment plus pay a $1,470 origination fee. The lender will collect $1,470 in monthly interest from the George . This is computed by taking the full note amount of $147,000, multiplying by the 12% interest rate, and then dividing that number by 12. At the expiration of the note, he sells the renovated house for $315,000. After deducting the $17,640 in interest expenses ($1,470 multiplied by 12 months), the $1,470 origination fee, the $147,000 principle on the note, and the $63,000 he brought to closing, he will make a total profit of $85,890 ($315,000 price minus $229,110 in total costs). This profit would then be reduced by any rehab costs paid by George .
Beatrice finds a property in the Midtown neighborhood of Grand Rapids, MI to renovate and re-sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from River City Finance with the following parameters:
$210,000 sales price
70% loan-to-value (LTV)
18 month term
12% interest rate
5% origination fee
Once the renovation project is finished, if Beatrice sells the project for $262,500, the final numbers would be as follows:
$262,500 sales price
- $147,000 principle on note (70% LTV)
- $63,000 down payment (30% on 70% LTV)
- $7,350 origination fee (5% of the $147,000 principle)
- $26,460 interest payments (18 months x 12% interest)
-----------------------
= $18,690 gross profit (does not include taxes or rehab costs)
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