Direct Mortgage Loan Company is a Philadelphia, PA based private money lender. They provide loans in Philadelphia. They provide loans for a variety of needs and situations, including fix and flip hard money loans, bridge loans, buy and ...
New Construction Loans in Clementon, New Jersey
Clementon, NJ has 42 construction hard money lenders in the city. Loan amounts average approximately $305,834. Rates for loans average around 11.1%. 36 months is the median term for loans issued in this city. A typical loan made in this city includes a 2.9 percent origination cost. Lenders in Clementon average a 72% loan-to-value (LTV) on their deals.
Loan Example 1
Tyrone is a builder in Clementon, NJ. He decides to acquire a home lot and construct a new single family home. Tyrone estimates that the construction costs will be approximately $400,000 and the plot costs $310,000. In order to fund the transaction, he takes a construction loan from Red View Finance Company . They contract to issue a note with a 8% interest rate for 6 months and four origination points to be paid when the deal closes. Additionally, they agree to loan 55% of the total costs (the loan-to-value or "LTV"). Tyrone is to receive the construction costs in draws and there will not be a pre-payment penalty if he re-pays the note prior to the expiration. According to the terms of this note, Tyrone will need to pay $319,500 plus $15,620 in origination costs at the closing, then will begin making $2,603 monthly payments. Tyrone 's goal is to sell the home for $1,060,000. If he succeeds, he will make a total profit of $318,760 after deducting all expenses ($390,500 principle, $319,500 cash down, $15,620 origination charges and $15,620 for 6 months of interest payments).
Loan Example 2
Tony is a home builder who wants to buy a home lot in Clementon, NJ to build a house. Because he doesn't have the money to pay for the total transaction, he takes out a construction private money loan from Rolling Brook Finance Corporation with these stipulations:
a) A $330,000 sales price for the vacant plot, b) $400,000 in construction expenses, c) an 65% loan-to-value (LTV), d) a 6 month term, e) a 11% interest rate, and f) a 2 point origination fee.
Tony intends to sell the house when the loan expires for $940,000. If he achievs this goal, the project numbers will be as follows:
$940,000 sales price
- $474,500 note principle (65% LTV)
- $255,500 down payment (35% on 65% LTV)
- $9,490 origination fee (2% of the $474,500 principle)
- $26,098 interest payments (6 months x 11% interest)
-----------------------
= $174,413 gross profit
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