
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!
Park Ridge, IL has 50 hard money lenders offering loans in the city. The average note issued is about $325,000. Rates on private loans made to Park Ridge investors average 10.3%. The typical loan issued in this city is for 30 months. The average note includes a 2.8 point origination charge. 77% is the typical loan-to-value offered for for loans in Park Ridge.
Derrick finds a condo in the Norwood Park West subdivision of Park Ridge, IL to remodel and resell. Since he does not have enough cash available to purchase the $160,000 house outright, he takes out a hard money loan from Suburban Funding Company. The loan-to-value (LTV) on the deal is 65%. This means that Derrick will have to bring 35% of the purchase price to closing and the principle will be $104,000 on the loan. The parameters of the loan also stipulate a three point origination fee that will be paid at closing and a 18 month, interest only note with a 8% interest rate.
According to the parameters of the loan, Derrick will be required to pay a $3,120 origination fee in addition to 35% of the purchase price, or $56,000, based on the 65% LTV. he will then pay $693 per month to the lender. If Derrick sells the project for $208,000 after 18 months, he would realize a gross profit of $32,400 after deducting the principle of $104,000, the money contributed at the close of $56,000, the origination fee of $3,120, and the aggregate interest payments of $12,480. This profit does not include remodeling costs.
Travis locates a property in the Norwood Park West subdivision of Park Ridge, IL to rehab and re-sell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from West End Finance Group with the following parameters:
$250,000 sales price
55% loan-to-value (LTV)
18 month term
14% rate of interest
4% origination fee
After the rehab project is finished, if Travis sells the project for $300,000, the outcome would be the following:
$300,000 sales price
- $137,500 principle (55% LTV)
- $112,500 cash paid at closing (45% on 55% LTV)
- $5,500 origination fee (4% of the $137,500 principle amount)
- $28,875 total interest paid (18 months x 14% interest)
-----------------------
= $15,625 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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