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 Huntsville, Alabama
Huntsville, AL has 22 new construction hard money lenders offering loans within the city. Loan amounts average about $296,786. Interest rates for loans average 11.0%. The median term for loans is 13 months. The mean origination fee applied to the loans is 3.0%. 72% is the average loan to value for offered by lenders in Huntsville.
Loan Example 1
Nell decides to acquire a land lot in Huntsville, AL and construct a new tri-plex to re-sell it for a profit. On top of the $150,000 price of the land, Nell expects she will have around $150,000 in construction expenses to complete the home. She takes a new construction loan from West Side Finance Corporation with the following specifications: 1) a 18 month note at 14% interest, 2) interest-only payments made every month, 3) 3 origination points paid at the closing by the borrower, and 4) a 70% loan to value (LTV) on both the lot and the construction expenses. They agree not to enforce a pre-payment penalty and they will fund the construction expenses in multiple draws. Given this deal scenario, the lender will fund $210,000 of the land and the construction expenses. The borrower will need to pay $90,000 down, a $6,300 origination charge, and $2,450 per month in interest payments. When the loan expires, Nell re-sells the house for $450,000. This will make Nell a $99,600 net profit after repaying all expenses of the deal ($210,000 principle amount, $90,000 cash at closing, $6,300 origination charges, and $44,100 for 18 months of interest payments).
Loan Example 2
Michael is a real estate investor and he decides to acquire a lot in Huntsville, AL to construct a house. In order to pay for the project, he takes out a construction loan from Rolling Brook Lending Group with these specifications:
a) A $290,000 purchase price for the lot, b) $200,000 in construction costs, c) an 55% loan to value (LTV), d) a 6 month length, e) a 8% interest rate, and f) a 2% origination charge.
Michael wants to list the project when the note expires for $680,000. If he succeeds, the final numbers will be the following:
$680,000 sales price
- $269,500 principle (55% LTV)
- $220,500 cash paid at closing (45% on 55% LTV)
- $5,390 origination points (2% of the $269,500 principle amount)
- $10,780 total interest paid (6 months x 8% interest)
-----------------------
= $173,830 gross profit
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