Anchor Loans is a Calabasas, CA based private lender. They provide loans in 34 states throughout the US. They offer new construction loans, fix-and-flip hard money loans, loans for rental properties, refinancing, hard money bridge loans, and ...
Hard Money Loans in Palmer, Alaska
There are 23 hard money lenders operating in Palmer, AK. The mean note amount in this city is $285,938. Rates for private loans average about 10.6%. The median term offered for notes is 20 months. The average origination fee for the loans is 3.4 points. The typical loan to value (LTV) offered for loans in Palmer is 72%.
Loan Example 1
Rehabbers Funding Group issues a loan to Margie for a renovation project in the Lazy Mountain subdivision of Palmer, AK, on a property that is listed for $290,000. Since the lender sets a 70% loan to value, Margie will need to put 30% down so the total amount of the loan will be $203,000. The loan also has the following features: 1) a 6 month length, 2) a 11% interest only note, and 3) a five point origination fee.
By the parameters of the note, Margie will need to contribute a $10,150 origination fee in addition to 30% of the purchase price, or $87,000, since there is a 70% LTV. she will then pay $1,861 per month to the lender. If Margie accomplishes her goal of a $391,500 sales price when the loan term expires, she would collect a total profit of $80,185 after repaying the principle and deducting the money she brought to closing, the origination points, and the total monthly interest payments.
Loan Example 2
Andy is a real estate investor in the Butte neighborhood of Palmer, AK. He locates a run-down townhouse for a renovation project and obtains a hard money loan from River City Investment Corporation with the following terms:
a) A $210,000 purchase price, b) a 50% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 2% origination fee.
Andy intends to list the property at the end of the term for $315,000. If he succeeds, the final numbers will be as follows:
$315,000 sales price
- $105,000 note principle (50% LTV)
- $105,000 down payment (50% on 50% LTV)
- $2,100 origination points (2% of the $105,000 principle)
- $8,400 interest payments (12 months x 8% interest)
-----------------------
= $94,500 gross profit (does not include taxes or renovation costs)
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