Spyglass Lending is a Los Angeles, CA based hard money lender. They provide loans throughout Orange County, Los Angeles County, Riverside County, San Bernardino County, and San Diego County. They offer new construction loans and fix-and-flip loans. ...
New Construction Loans in Cathedral City, California
Cathedral City, CA has 50 new construction lenders operating in the city. Note amounts average around $295,000. Interest rates on private loans issued to Cathedral City borrowers average 10.6%. The median term for notes is 20 months. The average points added to the loans is 3.4%. 71% is the mean loan-to-value for for loans in Cathedral City.
Loan Example 1
Derek is a builder and wants to acquire a land plot in Cathedral City, CA in order to construct a new single family home. The land is listed for $290,000 and Derek thinks that the building costs for the new house will be about $150,000. West Side Investment Group will loan on the project at a 75% loan-to-value (LTV) with a 10%, 18 month construction loan with three origination points to be paid when the transaction closes. Derek is to collect the building expenses in draws and there will be no pre-payment penalty if he re-pays the loan early. By the stipulations of this loan, Derek will need to pay $110,000 plus $9,900 in origination fees at the closing, then will start making $2,750 per month payments. If Derek then sells the home for $520,000 he will pocket a gross profit of $20,600 after repaying the principle amount and deducting the origination fee and cumulative interest.
Loan Example 2
Julian is an investor who wants to purchase a home lot in Cathedral City, CA and construct a home. He takes out a construction loan from Big Lake Lending Company with these specifications:
a) A $370,000 purchase price for the plot, b) $200,000 in building costs, c) an 85% loan-to-value (LTV), d) a 18 month term, e) a 13% interest rate, and f) a 5 point origination charge.
If Julian achieves his goal of a $710,000 sale, the final numbers of the deal would be the following:
$710,000 sales price
- $484,500 loan principle (85% LTV)
- $85,500 cash paid at closing (15% on 85% LTV)
- $24,225 origination fee (5% of the $484,500 principle)
- $94,478 total interest paid (18 months x 13% interest)
-----------------------
= $21,298 gross profit
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