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Chicago Ridge, IL has 32 construction private money lenders operating within the city. The average loan issued is approximately $305,000. Rates on private loans issued to Chicago Ridge investors average around 10.9%. The median term for notes is 14 months. The average origination fee for loans is 3.0 percent. Lenders in Chicago Ridge average a 69% loan to value on their loans.
George is a builder who decides to buy a home lot in Chicago Ridge, IL and build a house. The building costs will be about $150,000 and the plot will cost $270,000. Red City Lending Company makes a 75% loan-to-value (LTV) new construction loan to George in order to pay for the transaction. They agree to a 8% interest rate for 18 months plus a 4 point origination fee. George will collect the building expenses in draws and there won't be a pre-payment penalty if he repays the loan prior to the expiration. The borrower will need to pay $2,100 per month in interest payments in addition to $105,000 down, plus a $12,600 origination charge at closing. After deducting all expenses, George will earn a $69,600 total profit if he achieves his goal of a $540,000 sales price.
Vivian is a builder in Chicago Ridge, IL. She wants to purchase a land plot to build a new single family home. In order to fund the project, she applies for a new construction loan from West Side Funding Group with these specifications:
a) A $340,000 sales price for the plot, b) $250,000 in construction expenses, c) an 65% loan to value (LTV), d) a 6 month term, e) a 10% interest rate, and f) a 5% origination charge.
Assuming a $850,000 resell after the 6 months, the numbers for this project would be as follows:
$850,000 sales price
- $383,500 note principle (65% LTV)
- $206,500 cash paid at closing (35% on 65% LTV)
- $19,175 origination fee (5% of the $383,500 principle amount)
- $19,175 total interest paid (6 months x 10% interest)
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= $221,650 net profit
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