The Legacy Group is a Colorado Springs, CO based private lender who offers loans in 8 states throughout the United States. Their lending focus is primarily on commercial hard money loans. They make loans ...
Hard Money Loans in West Jordan, Utah
West Jordan, UT has 48 hard money lenders serving the city. The mean amount for loans is $372,500. The mean interest rate for loans in West Jordan is 10.5%. The typical loan issued in the city is for 49 months. A typical hard money loan offered in the city carries a 2.5 point origination fee. Lenders typically offer a 74% loan to value on loans in West Jordan.
Loan Example 1
Gail is a house flipper in West Jordan, UT. She discovers a run-down property for sale and decides to rehab it and resell it for a profit. The house costs $300,000 but she doesn't have the full amount so she takes out a private money loan with Acme Investment Group . The borrower will need to fund 25% of the purchase price in cash to closing based on a 75% loan-to-value set by the lender. This makes the loan principle from Acme Investment Group $225,000. The parameters of the loan dictate a 8% note for 6 months. They also stipulate a 2 point origination fee, which will also be paid upon closing.
On top of the $4,500 origination fee, Gail will also fund $75,000 of the purchase with her own money, or 25% of the purchase price. Once the loan closes, she will need to pay the lender $1,500 in monthly interest payments, or 8% multiplied times $225,000 divided by 12 months in the year. If Gail meets her goal of a $375,000 sales price at the end of the loan term, she would collect a gross profit of $61,500 after re-paying the principle amount and deducting the cash she paid at closing, the origination points, and the monthly interest payments.
Loan Example 2
North Star Finance issues a loan to Craig for a rehab project in West Jordan, UT. The deal includes the following:
$220,000 purchase price
60% loan-to-value (LTV)
12 month term
12% interest rate
5% origination fee
If Craig accomplishes his goal of a $308,000 sales price, the outcome of the deal would be the following:
$308,000 sales price
- $132,000 principle (60% LTV)
- $88,000 down payment (40% on 60% LTV)
- $6,600 origination points (5% of the $132,000 principle)
- $15,840 interest payments (12 months x 12% interest)
-----------------------
= $65,560 gross profit (does not include taxes or rehab costs)
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Real Funding Group
Salt Lake City, UT
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