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La Grange Park, IL has 31 new construction hard money lenders serving the city. The average note amount in the city is $301,786. Rates on hard money loans made to La Grange Park borrowers average about 10.6%. 13 months is the average length for notes issued in the city. The average loan offered in the city carries a 2.8 percent origination fee. Lenders in La Grange Park average a 75% loan-to-value (LTV) on their loans.
Toni is a real estate investor and wants to build a duplex on a lot in La Grange Park, IL. The building costs will be approximately $400,000 and the land costs $270,000. To fund the transaction, she takes out a new construction loan from Sunrise Finance Company . They agree to make a note with a 11% interest rate for 18 months and 5 origination points to be paid when the deal closes. Additionally, they agree to loan 55% of the total costs (the loan to value / "LTV"). Toni will receive the building costs in draws and there will not be a pre-payment penalty if she re-pays the note early. Given the specifications of this note, Toni will be required to pay $301,500 plus $18,425 in origination costs at closing, then will begin making $3,378 monthly payments. At the end of the loan, Toni re-sells the property for $830,000. This will earn Toni a $80,773 net profit after repaying all costs of the loan ($368,500 principle, $301,500 cash at closing, $18,425 origination charges, and $60,803 for 18 months of interest payments).
Eddie is an investor and he decides to buy a vacant lot in La Grange Park, IL to construct a duplex. He takes a new construction loan from Progressive Finance Group with these parameters:
a) A $160,000 sales price for the lot, b) $150,000 in construction expenses, c) an 50% loan-to-value (LTV), d) a 6 month term, e) a 11% rate of interest, and f) a 4% origination fee.
Based on a projected $460,000 sales price after the 6 month term, the numbers for this deal will be as follows:
$460,000 sales price
- $155,000 note principle (50% LTV)
- $155,000 cash paid at closing (50% on 50% LTV)
- $6,200 origination points (4% of the $155,000 principle amount)
- $8,525 total interest paid (6 months x 11% interest)
-----------------------
= $135,275 gross profit
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