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Oak Forest, IL has 31 new construction lenders operating within the city. The median note amount is $306,563. The median rate for private loans in Oak Forest is 10.6%. The typical length for notes is 14 months. A typical loan made in the city carries a 3.0 point origination charge. Lenders offer on average a 74% loan-to-value (LTV) on deals in Oak Forest.
Hope is a home builder and she decides to acquire a vacant lot in Oak Forest, IL and construct a new tri-plex. Hope thinks the building costs will be around $350,000 and the plot is listed for $190,000. To pay for the deal, she applies for a construction loan from Credence Lending Company . They contract to make a loan with a 12% rate of interest for 12 months and 5 origination points to be paid at closing. They also agree to contribute 80% of the aggregate costs (the loan to value / "LTV"). Hope will receive the building costs in draws and there will be no pre-payment penalty if she repays the loan before the 12 months is over. By this loan scenario, the lender will contribute $432,000 of the lot and the building costs. The borrower will have to pay $108,000 down, a $21,600 origination fee, and $4,320 per month in note payments. Hope 's intent is to sell the home for $750,000. If she achieves this, she will earn a gross profit of $136,560 after deducting all expenses ($432,000 principle, $108,000 cash down, $21,600 origination fee and $51,840 for 12 months of interest payments).
Shari is a builder in Oak Forest, IL. She decides to acquire a lot and build a new house. She takes out a construction loan from Victory Lending Corporation with these specifications:
Shari wants to list the house when the note expires for $960,000. If she achieves her goal, the project numbers will be the following:
$960,000 sales price
- $512,000 principle on note (80% LTV)
- $128,000 cash paid at closing (20% on 80% LTV)
- $15,360 origination fee (3% of the $512,000 principle amount)
- $20,480 total interest paid (6 months x 8% interest)
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= $284,160 gross profit
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