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There are 31 new construction hard money lenders serving Hinsdale, IL. Note amounts average about $310,715. Interest rates for loans average about 10.6%. The median note issued in the city is 15 months in length. The average origination for the loans is 2.8 points. 72% is the typical loan to value (LTV) for offered by lenders in Hinsdale.
Doris is an investor who wants to build a house on a land lot in Hinsdale, IL. The plot costs $350,000 and Doris expects that the building costs for the new house will be about $150,000. She applies for a construction loan from Fortune Funding with the following terms: 1) a 12 month note at 10% interest, 2) interest only payments made each month, 3) 2 origination points at closing by the borrower, and 4) a 80% loan to value (LTV) on both the lot and the building costs. Building fees will be paid in multiple draws and there will be no pre-payment penalties. Given the terms of the loan, Doris will be required to fund $100,000 plus $8,000 in origination fees at closing, then will begin making $3,333 per month payments. When the loan expires, Doris sells the home for $700,000. This will net Doris a $152,000 total profit after paying back all costs of the loan ($400,000 principle, $100,000 cash at closing, $8,000 origination charges, and $40,000 for 12 months of payment).
Maude is an investor and wants to purchase a lot in Hinsdale, IL and construct a house. In order to pay for the transaction, she takes a new construction loan from Dynamic Investment Company with the following parameters:
a) A $200,000 purchase price for the plot, b) $350,000 in construction costs, c) an 80% loan to value (LTV), d) a 18 month length, e) a 10% rate of interest, and f) a 4 point origination fee.
If her achieves a $660,000 sales price after the 18 month term, the numbers for this deal would look like this:
$660,000 sales price
- $440,000 principle (80% LTV)
- $110,000 cash paid at closing (20% on 80% LTV)
- $17,600 origination points (4% of the $440,000 principle)
- $66,000 total interest paid (18 months x 10% interest)
-----------------------
= $26,400 gross profit
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