Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
New Construction Loans in Melvindale, Michigan
Melvindale, MI has 21 new construction hard money lenders operating in the city. The median note amount in this city is $297,188. Interest rates for private loans average around 10.8%. The mean term offered for loans is 13 months. The mean origination fee for the loans is 2.7 points. Lenders in Melvindale average a 73% loan-to-value (LTV) on their loans.
Loan Example 1
Marcia is a builder and she decides to construct a home on a home lot in the Boynton neighborhood of Melvindale, MI. The construction costs will be approximately $300,000 and the land costs $400,000. Top Notch Lending Group will fund the transaction at a 75% loan to value (LTV) with a 10%, 18 month new construction loan with 3 origination points paid at closing. There are no pre-payment penalties for the note and construction costs will be paid out over multiple draws. According to this loan scenario, Marcia will be required to pay the following: 1) $175,000 down (based on the 75% LTV), 2) a $15,750 origination fee ($525,000 principle x 3%), and 3) $4,375 monthly interest payments. If Marcia then sells the home for $1,010,000 she will make a total profit of $215,500 after paying pack the principle and deducting the origination fee and total interest payments.
Loan Example 2
Lois is an investor and wants to build a duplex on a home lot in the Boynton neighborhood of Melvindale, MI. To pay for the project, she applies for a new construction loan from XYZ Funding Company with these specifications:
- $220,000 sales price for the plot
- $200,000 in construction expenses
- 55% loan-to-value (LTV)
- 6 month term
- 12% interest rate
- 5% origination fee
Based on a projected $500,000 re-sell after the 6 months, the numbers for this deal would be the following:
$500,000 sales price
- $231,000 principle on note (55% LTV)
- $189,000 down payment (45% on 55% LTV)
- $11,550 origination fee (5% of the $231,000 principle)
- $13,860 interest payments (6 months x 12% interest)
-----------------------
= $54,590 net profit
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Based in Hamilton, NJ, Creative Hard Money LLC is a private lender offering loans throughout the United States. They provide loans for many different scenarios, including fix and flip loans, cash out hard money loans, rental property loans, ground-up ...
Global Capital Partners is a New York, NY based private lender. They provide funding across the US. They offer hard money bridge loans, hard money construction loans, refinancing, fix-and-flip loans, hard money loans for commercial properties, and ...
Lima One Capital is a hard money lender based in Greenville, SC providing loans in 40 states across the US. They offer loans for many different scenarios, including fix-and-flip hard money loans, construction loans, refinancing, and investment property ...
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
Empire Financial Services is a Tukwilla, WA based hard money lender who offers funding in 16 states across the country. They offer lending solutions for a variety of situations, including hard money loans for commercial properties, fix and flip ...
Investor Rehab Funding is hard money lender headquartered in Atlanta, GA. They provide loans in 40 states throughout the US. They offer fix-and-flip hard money loans, private refinancing, investment property loans, and new construction loans. ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using ...
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
Headquartered in Miami Beach, FL, YC Funding is an asset-based lender offering loans in 23 states across the United States. They offer construction loans, cash out loans, buy and hold loans, short term bridge loans, fix and flip hard ...
Meridian Capital Group is a New York, NY based hard money lender who offers funding all across the US. They offer new construction loans, hard money refinancing, commercial loans, and short term bridge loans. ...
Flip Funding is an asset-based lender in Sacramento, CA providing funding across the US. They provide investment property loans, cash out hard money loans, hard money loans for commercial properties, new construction loans, hard money bridge loans, and ...
Miner Capital Funding is private money lender based in Belleville, IL. They offer funding all across the US. They offer ground up construction loans, hard money refinancing, long term rental property loans, private commercial loans, short term ...
Aspen Capital Funding is a Beaverton, OR based hard money lender offering funding all across the country. They provide hard money bridge loans, commercial loans, and hard money construction loans. They offer loan amounts ranging from ...
George Smith Partners is a Los Angeles, CA based hard money lender. They provide loans all throughout the US. They provide loans for a variety of situations and needs, including hard money loans for commercial properties, short term ...
Skyline Home Loans is a private money lender headquartered in Peoria, AZ providing loans across the US. They offer lending solutions for many different situations, including short term fix and flip loans, ground-up construction loans, and rental property ...
Based in Charlotte, NC, Finance of America Commercial is a private money lender providing funding all throughout the United States. They offer lending solutions for a variety of situations and needs, including refinancing, hard money bridge loans, fix and ...
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