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Calera, AL has 26 construction hard money lenders serving the city. Loan amounts average approximately $297,188. Interest rates for hard money loans average around 10.8%. The average loan issued in this city is 13 months in length. The mean origination fee for the loans is 2.6 points. Lenders in Calera average a 73% loan to value (LTV) on their deals.
Alicia is a real estate investor and she wants to construct a house on a home lot in Calera, AL. The construction costs will be around $400,000 and the land is listed for $300,000. Prosper Investment Corporation will fund the transaction at a 50% loan-to-value (LTV) with a 14%, 12 month new construction loan with three origination points paid when the deal closes. Building costs will be paid out in draws and there are no pre-payment penalties assessed. Given this loan scenario, Alicia will have to pay the following: 1) $350,000 down (based on the 50% LTV), 2) a $10,500 origination fee ($350,000 principle x 3%), and 3) $4,083 monthly interest payments. If Alicia sells the project for $940,000 she will pocket a gross profit of $180,500 after paying pack the principle and deducting the origination points and cumulative interest.
Roxanne is a real estate investor in Calera, AL. She wants to acquire a land lot and build a new tri-plex. Since she doesn't have the cash to fund the total deal, she applies for a construction private money loan from Allstar Funding Company with the following terms:
a) A $280,000 sales price for the land, b) $350,000 in building expenses, c) an 50% loan to value (LTV), d) a 12 month term, e) a 12% rate of interest, and f) a 2 point origination fee.
Assuming a $910,000 re-sell after the 12 months, the numbers for this deal would be the following:
$910,000 sales price
- $315,000 principle (50% LTV)
- $315,000 cash paid at closing (50% on 50% LTV)
- $6,300 origination fee (2% of the $315,000 principle)
- $37,800 interest payments (12 months x 12% interest)
-----------------------
= $235,900 gross profit
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274 Madison Avenue, Suite 901
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5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
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28 Bloomfield Avenue
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201 East McBee Ave, Suite 300
Greenville, SC 29601
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3435 Wilshire #1840
Los Angeles, CA 90010
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11 Middle Neck Road Suite 314
Great Neck, NY 11021
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8341 Bandford Way, Suite 5
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2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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321 N Central Expressway, Suite 360
McKinney, TX 75071
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508 Whitehorse Mercerville Rd
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10575 N. 114th St. Suite 103
Scottsale, AZ 85259
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20 West Vine Street #575
Lansdale, PA 19446
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260 Peachtree St, Suite 1002
Atlanta, GA 30303
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2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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1100 Peachtree Street, Suite 200
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PO Box 58804
Tukwilla, WA 98138
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1010 NE 2nd Ave
Miami Beach, FL 33132
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1995 North Park Place SE, Suite 415
Atlanta, GA 30339
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. ...
35 Trenton Ave
Long Beach, NY 11561
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
1990 S. Bundy Drive, Suite 640
Los Angeles, CA 90025
Dominion Mortgage Corporation is a Los Angeles, CA based private money lender. They provide loans all throughout the country. They offer short term loans, refinancing, private commercial loans, and new construction loans. They provide rates ...
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Meridian Capital Group is a New York, NY based hard money lender who offers funding all across the US. They offer new construction loans, hard money refinancing, commercial loans, and short term bridge loans. ...
15851 Dallas Pkwy, Suite 600
Addison, TX 75001
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P.O. Box 51182
Irvine, CA 92619
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