
We specialize in hard money loans for all commercial and residential properties types, bridge loans, fix and flip loans, value add loans, ground up construction loans and even land loans!
There are 50 hard money lenders offering loans in Syosset, NY. The mean amount for loans is $424,300. Rates on hard money loans made to Syosset borrowers average about 10.7%. The median length offered for loans is 18 months. A typical loan issued in the city includes a 2.5 percent origination fee. Lenders in Syosset average a 70% LTV on their loans.
West Shore Investment Corporation makes a hard money loan to Minerva for a remodeling project in Syosset, NY, on a house that is listed for $320,000. The borrower will need to contribute 50% of the purchase price in cash to the closing based on a 50% loan-to-value set by the lending company. This makes the loan principle from West Shore Investment Corporation $160,000. The deal also consists of these features: 1) a 6 month length, 2) a 13% interest-only note, and 3) a three percent origination charge.
According to the terms of the loan, Minerva will have to contribute a $4,800 origination fee in addition to 50% of the purchase price, or $160,000, since there is a 50% LTV. After the deal closes, she will pay West Shore Investment Corporation $1,733 in monthly interest payments, or 13% multiplied times $160,000 divided by 12 months in the year. If Minerva sells the rehabed house for $432,000 at the end of the 6 month term, her total profit (not including renovation costs) would be $96,800. This is calculated by taking the purchase price ($432,000) and subtracting the original note amount ($160,000), the origination fee ($4,800), the funds she contributed to closing ($160,000), and the total interest expenses ($10,400).
Kim locates a house in Syosset, NY to rehab and sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Big Lake Lending Company with the following parameters:
$310,000 purchase price
70% loan-to-value (LTV)
18 month term
8% interest rate
1% origination fee
If Kim achieves her goal of a $418,500 sales price, the numbers of the deal would be the following:
$418,500 sales price
- $217,000 principle (70% LTV)
- $93,000 cash paid at closing (30% on 70% LTV)
- $2,170 origination fee (1% of the $217,000 principle)
- $26,040 interest payments (18 months x 8% interest)
-----------------------
= $80,290 gross profit (doesn't include taxes or rehab costs)
We specialize in hard money loans for all commercial and residential properties types, bridge loans, fix and flip loans, value add loans, ground up construction loans and even land loans!
You can rely on us as your hard money and private bridge finance lender in providing the most effective real estate financing solutions in the country.
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. We lend nationwide on Ground Up Construction, Fix & Flip, Commercial properties & more!
(844) 340-5626 - Loan Fundr a premier Nationwide asset-based lender using technology to close loans fast. We think creatively, providing fair and transparent loans that get our clients what they need.
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Stronghill Capital is an Austin, TX based national lender specializing in small balance commercial and investment residential loans. They offer funding in most states and deliver tailored and flexible lending options to their clients that best meet their goals. Their ...
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