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Harrison, AR has 19 new construction lenders offering loans within the city. In this city, the mean amount for loans is $389,375. Rates for private loans average around 10.8%. The median length offered for notes is 14 months. The mean origination fee charged on the loans is 2.9%. Lenders in Harrison average a 74% loan to value (LTV) on their deals.
Robyn wants to acquire a lot in Harrison, AR and build a duplex and re-sell it. On top of the $280,000 cost of the lot, Robyn approximates she will need about $200,000 in building expenses to finish the home. To fund the transaction, she obtains a construction loan from Oceanside Funding Company. They contract to provide a loan with a 9% rate of interest for 18 months and 4 origination points paid when the deal closes. Additionally, they agree to fund 85% of the aggregate expenses (the loan-to-value or "LTV"). Robyn is to collect the building expenses in draws and there will be no pre-payment penalty if she pays off the loan before the 18 months is over. The borrower will be required to pay $3,060 monthly in loan payments on top of $72,000 down, plus a $16,320 origination fee at the closing. If Robyn then sells the house for $720,000 she will make a total profit of $168,600 after paying pack the loan principle and subtracting the origination points and total interest.
Marion decides to acquire a home lot in Harrison, AR and construct a new house to resell it for a profit. To pay for the project, he takes a construction loan from Mountain Rock Investment Company with the following specifications:
After the construction is complete, if Marion lists the house for $950,000, the final numbers would be as follows:
$950,000 sales price
- $544,000 principle on note (80% LTV)
- $136,000 down payment (20% on 80% LTV)
- $16,320 origination fee (3% of the $544,000 principle amount)
- $24,480 total interest paid (6 months x 9% interest)
-----------------------
= $229,200 net profit
274 Madison Avenue, Suite 901
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5230 Las Virgenes Rd, Suite 105
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100 Lanidex Plaza
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508 Whitehorse Mercerville Rd
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10575 N. 114th St. Suite 103
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Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
20 West Vine Street #575
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2139 Chuckwagon Road, Suite 315
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2139 Chuckwagon Road, Suite 315
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1995 North Park Place SE, Suite 415
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11 Middle Neck Road Suite 314
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6380 Wilshire Blvd #1610
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PB Financial Group is an asset-based lender based in Los Angeles, CA offering funding throughout California. They provide bridge loans, hard money loans for commercial properties, loans for investments properties, fix-and-flip hard money loans, cash out hard money loans, ...
79 Madison Ave, 7th Floor
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670 Montauk Highway
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1990 S. Bundy Drive, Suite 640
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711 Westchester Avenue, Suite 202
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