New Mexico New Construction Loans
There are 9 new construction hard money lenders operating in New Mexico. The average note amount is $444,777. Interest rates on loans issued to New Mexico investors average 10.7%. 17 months is the average length for loans issued in this state. The average origination percentage charged for the loans is 3.5%. The mean LTV offered for loans in New Mexico is 75%.
Loan Example 1
Jimmy is a builder and he decides to purchase a vacant lot in Santa Fe, NM in order to construct a new house. The land costs $260,000 and Jimmy estimates that the construction costs for the new house will be approximately $250,000. Red City Finance Group makes a 50% loan-to-value (LTV) construction loan to Jimmy in order to complete the transaction. They also agree to a 9% rate of interest for 6 months plus a 5 point origination fee. They will not enforce a pre-payment penalty and they will pay out the construction costs in three draws. The borrower will need to pay $1,913 per month in interest payments in addition to $255,000 down, plus a $12,750 origination fee at closing. After subtracting all costs, Jimmy will pocket a $95,775 gross profit if he achieves his goal of a $630,000 sales price.
Loan Example 2
Raul is an investor and he decides to build a home on a vacant lot in Alamogordo, NM. To pay for the project, he applies for a new construction loan from USA Funding with these stipulations:
After the project is finished, if Raul sells the property for $510,000, the final numbers would be as follows:
$510,000 sales price
- $322,500 loan principle (75% LTV)
- $107,500 cash paid at closing (25% on 75% LTV)
- $12,900 origination fee (4% of the $322,500 principle amount)
- $62,888 total interest paid (18 months x 13% interest)
= $4,213 net profit
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 ...
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. ...
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 ...
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 ...
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 ...
Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75070
(214) 548-5190 Website
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 ...
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 ...
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 ...
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 ...