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 Mansfield, Ohio
Mansfield, OH has 23 new construction hard money lenders serving the city. Note amounts average approximately $301,786. Rates on loans issued to Mansfield borrowers average 10.7%. 13 months is the average length for notes issued in this city. The average hard money loan issued in the city carries a 2.7 point origination cost. 74% is the mean loan-to-value for offered by lenders in Mansfield.
Loan Example 1
Lynne is an investor and decides to purchase a vacant lot in Mansfield, OH to build a new tri-plex. The land is available for $400,000 and Lynne thinks that the construction costs for the project will be approximately $400,000. She applies for a new construction loan from Axis Lending Company with these specifications: 1) a 6 month note at 13% interest, 2) interest only payments made monthly, 3) 4 origination points at the closing by the borrower, and 4) a 60% loan-to-value (LTV) on both the plot purchase and the construction costs. They will not charge a pre-payment penalty and they will contribute the construction costs in four draws. Given this loan scenario, Lynne will need to contribute the following: 1) $320,000 down (based on the 60% LTV), 2) a $19,200 origination charge ($480,000 principle x 4%), and 3) $5,200 monthly payments. At the end of the loan, Lynne sells the house for $1,000,000. This will make Lynne a $149,600 net profit after re-paying all costs of the loan ($480,000 principle amount, $320,000 cash down, $19,200 origination charges, and $31,200 for 6 months of interest payments).
Loan Example 2
Joseph is a home builder who wants to buy a land plot in Mansfield, OH to construct a duplex. To pay for the project, he takes out a new construction loan from Green Square Funding with these parameters:
a) A $170,000 purchase price for the vacant lot, b) $400,000 in construction costs, c) an 55% loan-to-value (LTV), d) a 6 month length, e) a 8% rate of interest, and f) a 3 point origination charge.
Based on a projected $820,000 re-sell after the 6 month term, the numbers for this project will be as follows:
$820,000 sales price
- $313,500 note principle (55% LTV)
- $256,500 cash paid at closing (45% on 55% LTV)
- $9,405 origination points (3% of the $313,500 principle)
- $12,540 total interest paid (6 months x 8% interest)
-----------------------
= $228,055 total profit
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