
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!
Huntsville, AL has 27 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.
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).
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
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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