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 Phenix City, Alabama
There are 36 hard money lenders operating in Phenix City, AL. The average note made to borrowers is around $323,334. Interest rates for hard money loans average about 10.6%. The typical term for notes is 27 months. The mean note includes a 3.5 percent origination cost. Lenders in Phenix City average a 73% loan-to-value (LTV) on their loans.
Loan Example 1
Brent closes on a $160,000 rehab project in Phenix City, AL, using a private money loan from K & M Finance Company . The lender agrees to issue a note with a 60% loan to value (LTV) so they will loan $96,000 on the property. The rate on the loan is 8% for a term of 12 months and the lender requires a two point origination fee at the close. The interest payments are to be paid monthly and the principle will be repaid after the property sells.
Brent will have to bring $64,000 to the closing (40% on the 60% loan-to-value), plus he will pay the $1,920 origination fee. he must then pay $640 per month to K & M Finance Company . If Brent sells the project for $208,000 after 12 months, he would then make a gross profit of $38,400 after subtracting the principle amount of $96,000, the funds contributed at closing of $64,000, the origination points of $1,920, and the aggregate interest payments of $7,680. This gross profit doesn't include renovation costs.
Loan Example 2
Blanca takes a private money loan from Uptown Lending Company so she can renovate a townhome to resell in Phenix City, AL. The loan has the following parameters:
$190,000 purchase price
85% loan-to-value (LTV)
12 month term
11% rate of interest
1% origination fee
After the rehab project is complete, if Blanca sells the project for $266,000, the outcome would be the following:
$266,000 sales price
- $161,500 note principle (85% LTV)
- $28,500 down payment (15% on 85% LTV)
- $1,615 origination points (1% of the $161,500 principle)
- $17,765 total interest paid (12 months x 11% interest)
-----------------------
= $56,620 gross profit (doesn't include taxes or rehab costs)
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Silver Hill Funding is private lender based in Coral Gables, FL. They provide funding in 39 states throughout the United States. Their lending focus is primarily on commercial loans. They provide rates ranging between 6% ...
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Next-Financing is based in Scottsdale, Arizona and has a satellite office in Silicon Valley, California. They offer a wide array of financing options for businesses, including fix and flip loans and loans for rental properties. They lend on ...
Investor Rehab Funding is hard money lender headquartered in Atlanta, GA. They provide loans in 40 states throughout the US. They offer fix-and-flip hard money loans, private refinancing, investment property loans, and new construction loans. ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
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