Based in Chicago, IL, Chicago Rehab Loans is an asset-based lender offering funding throughout Chicago, Milwaukee, Madison, Gary, and South Bend. They offer commercial loans, construction loans, loans for rental properties, hard money bridge loans, fix-and-flip loans, ...
New Construction Loans in La Grange Park, Illinois
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.
Loan Example 1
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).
Loan Example 2
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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