
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
Fairhope, AL has 27 new construction hard money lenders offering loans within the city. Loan amounts average about $297,188. Rates on loans issued to Fairhope borrowers average 10.9%. 13 months is the mean length for loans offered in the city. The average loan includes a 2.7 point origination charge. The mean loan to value offered for loans in Fairhope is 72%.
Marcy decides to acquire a lot in Fairhope, AL and construct a new duplex in order to re-sell it. Marcy expects that the construction costs will be approximately $150,000 and the plot costs $210,000. To fund the transaction, she takes out a construction loan from Famous Funding Company. They agree to issue a loan with a 8% interest rate for 18 months and 5 origination points paid at the closing. Additionally, they agree to fund 50% of the total costs (the loan-to-value or "LTV"). Construction costs will be paid in draws and there will be no pre-payment penalties. By this deal scenario, the lender will fund $180,000 of the land and the construction costs. The borrower will have to pay $180,000 down, a $9,000 origination charge, and $1,200 monthly in loan payments. When the loan expires, Marcy sells the home for $450,000. This will earn Marcy a $59,400 gross profit after paying off all costs of the deal ($180,000 principle, $180,000 cash at closing, $9,000 origination charges, and $21,600 for 18 months of interest payments).
Frankie is a home builder in Fairhope, AL. She wants to buy a vacant lot to construct a new single family home. Because she doesn't have the money to pay for the full deal, she takes out a construction private money loan from Allstar Lending Group with the following specifications:
a) A $320,000 sales price for the land lot, b) $150,000 in construction costs, c) an 80% loan to value (LTV), d) a 18 month term, e) a 9% rate of interest, and f) a 2% origination fee.
Frankie plans to list the property at the end of the term for $650,000. If she achieves her goal, the final numbers will be the following:
$650,000 sales price
- $376,000 principle (80% LTV)
- $94,000 down payment (20% on 80% LTV)
- $7,520 origination points (2% of the $376,000 principle amount)
- $50,760 total interest paid (18 months x 9% interest)
-----------------------
= $121,720 net profit
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
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Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing nationwide in commercial loans, adaptive re-use, construction lines of credit, ground up construction, fix & flip, & more!
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