Anchor Loans is a Calabasas, CA based private lender. They provide loans in 34 states throughout the US. They offer new construction loans, fix-and-flip hard money loans, loans for rental properties, refinancing, hard money bridge loans, and ...
New Construction Loans in Hickory, North Carolina
Hickory, NC has 30 construction private money lenders in the city. The mean loan amount is $415,000. Rates for private loans average 12.0%. The typical length offered for loans is 15 months. The average origination fee added to loans is 2.9%. The mean LTV offered for loans in Hickory is 71%.
Loan Example 1
Alan is a real estate investor and decides to acquire a home lot in Hickory, NC in order to build a new house in the Bethlehem area of the city. Alan expects that the construction costs will be about $150,000 and the plot costs $260,000. He gets a construction loan from All Star Funding Company with these parameters: 1) a 6 month note at 11% interest, 2) interest only payments made every month, 3) 5 origination points at the closing by the borrower, and 4) a 65% loan-to-value (LTV) on both the plot purchase and the construction costs. Alan will collect the construction costs in draws and there will be no pre-payment penalty if he repays the note early. The borrower will be required to pay $2,443 per month in note payments on top of $143,500 down, plus a $13,325 origination fee at the closing. Alan 's plan is to sell the project for $570,000. If he achieves this, he will earn a total profit of $132,018 after subtracting all costs ($266,500 principle, $143,500 cash down, $13,325 origination charges and $14,658 for 6 months of payments).
Loan Example 2
Martin is a real estate investor in Hickory, NC. He wants to acquire a land plot to construct a new single family home in the Bethlehem neighborhood of the city. Since he does not have the cash to fund the full purchase, he obtains a new construction private money loan from All Star Funding Group with the following specifications:
- $180,000 purchase price for the vacant plot
- $150,000 in construction expenses
- 70% loan to value (LTV)
- 18 month length
- 8% interest rate
- 3% origination charge
If Martin succeeds in his goal of a $410,000 sale, the final numbers of the deal would be the following:
$410,000 sales price
- $231,000 note principle (70% LTV)
- $99,000 cash paid at closing (30% on 70% LTV)
- $6,930 origination fee (3% of the $231,000 principle amount)
- $27,720 total interest paid (18 months x 8% interest)
-----------------------
= $45,350 gross profit
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LendingHQ
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