New Construction Loans in Millersburg, Ohio
There are 25 new construction lenders serving Millersburg, OH. Loan amounts average around $296,786. The average interest rate for private loans in Millersburg is 10.7%. 13 months is the average term for loans issued in the city. The mean origination for loans is 2.7 points. Lenders in Millersburg average a 74% loan-to-value on their deals.
Loan Example 1
Karen wants to purchase a vacant lot in Millersburg, OH and build a new home to re-sell it for a profit. Karen estimates that the construction costs will be about $300,000 and the plot costs $170,000. Advanced Finance will contribute to the transaction at a 70% loan to value (LTV) with a 14%, 18 month new construction loan with 2 origination points to be paid when the transaction closes. There are no pre-payment penalties on the loan and construction costs will be paid out over multiple draws. By the stipulations of the loan, Karen will need to fund $141,000 plus $6,580 in origination fees at closing, then will start making $3,838 monthly payments. Karen 's intent is to sell the home for $680,000. If she achieves this, she will make a net profit of $134,330 after deducting all costs ($329,000 principle, $141,000 cash down, $6,580 origination charges and $69,090 for 18 months of payments).
Loan Example 2
Rebecca is a home builder who wants to purchase a vacant lot in Millersburg, OH to construct a home. She takes a construction loan from Red Oak Lending Corporation with the following parameters:
a) A $360,000 purchase price for the vacant plot, b) $350,000 in construction expenses, c) an 60% loan-to-value (LTV), d) a 12 month term, e) a 11% interest rate, and f) a 2% origination charge.
If Rebecca succeeds in her goal of a $850,000 sale, the final numbers of the deal would be the following:
$850,000 sales price
- $426,000 loan principle (60% LTV)
- $284,000 down payment (40% on 60% LTV)
- $8,520 origination fee (2% of the $426,000 principle amount)
- $46,860 interest payments (12 months x 11% interest)
= $84,620 gross profit
Hilton Financial Corporation is an asset-based lender headquartered in Phoenix, AZ offering loans in Arizona, Utah, Colorado, Ohio, and Hawaii. They offer loans for a variety of situations, including fix-and-flip hard money loans, bridge loans, builder loans, hard ...
Global Capital Partners
1345 Avenue Of The Americas, 2nd Floor
New York, NY 10105
(800) 514-7350 Website
Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75070
(214) 548-5190 Website
The Mortgage Banc is a hard money lender headquartered in Columbus, OH providing funding in Ohio. They provide lending solutions for many different situations and needs, including investment property loans, builder loans, and fix and flip loans. ...
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. ...
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
(952) 345-3445 Website
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 ...
1845 Town Center Blvd, Building 100, Suite 110-D
Jacksonville, FL 32207
(407) 476-2500 Website
Based in Water Mill, NY, Hamptons Financial is a hard money lender offering funding throughout the United States. They offer short term fix and flip loans, private commercial loans, new construction loans, hard money refinancing, bridge loans, and ...
George Smith Partners
10250 Constellation Blvd, Suite 2700
Los Angeles, CA 90067
(310) 557-8336 Website
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 ...
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. ...
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
9400 SW Beaverton-Hillsdale Hwy, Suite 131
Beaverton, OR 97005
(503) 295-5800 Website
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 ...
Commonwealth Equity Funding
Commonwealth Equity Funding is an asset-based lender in Boston, MA providing loans throughout the US. They provide fix and flip hard money loans, commercial loans, ground up construction loans, and bridge loans. Their loan guidelines are versatile, ...
Based in Ponte Vedra Beach, FL, SNAP.BUILD is a private lender offering funding all across the United States. They offer lending solutions for many different situations and needs, including buy and hold loans, ground-up construction loans, and short ...