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Newark, DE has 50 private money lenders operating within the city. The mean loan amount is $309,375. Interest rates for private loans average around 11.4%. 38 months is the mean length for loans issued in this city. The average note includes a 3.3 percent origination cost. Lenders offer on average a 72% loan-to-value on loans in Newark.
Nelda takes a loan from Friendly Investment Company in order to renovate a duplex to resale in the Brookside subdivision of Newark, DE. The list price of the property is $210,000. The terms of the loan include a 50% loan to value (LTV), so she must bring 50% of the price as cash at closing, which makes the principle loan amount $105,000. The note is interest only, with monthly payments, and is for 6 months at 14% interest with 2 origination points paid at closing.
In addition to paying the $2,100 origination fee, Nelda will also need to fund $105,000 of the purchase with her own money, or 50% of the sales price. Once the deal closes, she will pay Friendly Investment Company $1,225 in monthly interest payments, or 14% multiplied times $105,000 divided by 12 months in the year. Assuming she sells the rehabed house for $262,500 at the end of the 6 month term, her gross profit (not including renovation expenses) would be $43,050. This is computed by taking the purchase price ($262,500) and subtracting the original note amount ($105,000), the origination fee ($2,100), the money she contributed to closing ($105,000), and the total interest payments ($7,350).
Shawna finds a property in the Brookside subdivision of Newark, DE to remodel and re-sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Red City Investment Company with the following parameters:
a) A $390,000 sales price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 5% origination fee.
Once the rehab project is complete, if Shawna sells the house for $585,000, the outcome would be as follows:
$585,000 sales price
- $331,500 note principle (85% LTV)
- $58,500 down payment (15% on 85% LTV)
- $16,575 origination fee (5% of the $331,500 principle amount)
- $59,670 interest payments (18 months x 12% interest)
-----------------------
= $118,755 total profit (does not include taxes or renovation costs)
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