
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
There are 18 new construction lenders offering loans in Palmer, AK. The median note amount in the city is $446,667. Rates for loans average around 10.4%. The average loan made in the city is for 17 months. The average origination fee for loans is 2.5 points. Lenders in Palmer average a 76% loan to value on their deals.
Charles is a home builder and decides to build a house on a vacant lot in the Butte neighborhood of Palmer, AK. Charles estimates that the building expenses will be approximately $300,000 and the lot will cost $400,000. He gets a construction loan from Blue Door Finance Group with the following parameters: 1) a 12 month note at 11% interest, 2) interest-only payments made every month, 3) 4 origination points at closing by the borrower, and 4) a 65% loan-to-value (LTV) on the land and the building expenses. They agree not to assess a pre-payment penalty and they will fund the building expenses in four draws. The borrower will have to pay $4,171 monthly in loan payments in addition to $245,000 down, plus a $18,200 origination fee at closing. Charles's goal is to sell the new house for $1,050,000. If he succeeds, he will earn a net profit of $281,750 after deducting all expenses ($455,000 principle, $245,000 cash down, $18,200 origination fee and $50,050 for 12 months of payments).
Brandon is an investor in Palmer, AK. He decides to purchase a land plot and construct a new house in the Butte area of the city. Because he does not have enough money to pay for the full transaction, he obtains a new construction hard money loan from Oak Hill Investment Company with the following terms:
If his achieves a $620,000 re-sell after the 12 month term, the numbers for this deal will be the following:
$620,000 sales price
- $375,000 principle on note (75% LTV)
- $125,000 down payment (25% on 75% LTV)
- $7,500 origination fee (2% of the $375,000 principle amount)
- $41,250 total interest paid (12 months x 11% interest)
-----------------------
= $71,250 net profit
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
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