Anchor Loans is a Calabasas, CA based private lender. They provide loans in 34 states throughout the US. They offer new construction loans, fix-and-flip hard money loans, loans for rental properties, refinancing, hard money bridge loans, and ...
New Construction Loans in Phenix City, Alabama
Phenix City, AL has 22 construction hard money lenders serving the city. The average loan issued is approximately $286,072. The average interest rate for private loans in Phenix City is 11.2%. The mean length for notes is 12 months. The mean loan includes a 2.7 point origination fee. 73% is the median loan to value for offered by lenders in Phenix City.
Loan Example 1
Etta wants to buy a lot in Phenix City, AL to construct a tri-plex and resell it. Etta estimates that the construction costs will be around $300,000 and the land will cost $150,000. In order to fund the transaction, she obtains a construction loan from All State Funding Group . They contract to make a loan with a 12% rate of interest for 6 months and 4 origination points paid at closing. Additionally, they agree to fund 85% of the aggregate costs (the loan-to-value / "LTV"). Etta will receive the construction costs in draws and there will be no pre-payment penalty if she re-pays the loan prior to the expiration. According to this loan scenario, Etta will be required to pay the following: 1) $67,500 down (based on the 85% LTV), 2) a $15,300 origination charge ($382,500 principle x 4%), and 3) $3,825 monthly payments. If Etta sells the project for $670,000 she will make a gross profit of $181,750 after paying pack the principle amount and subtracting the origination expense and total interest.
Loan Example 2
Maggie is a real estate investor and decides to acquire a vacant lot in Phenix City, AL in order to build a duplex. To fund the project, she applies for a construction loan from Ocean View Finance with these parameters:
- $300,000 sales price for the plot
- $200,000 in building costs
- 75% loan-to-value (LTV)
- 18 month term
- 12% rate of interest
- 5% origination fee
If Maggie succeeds in her goal of a $700,000 sale, the final numbers of the deal will be as follows:
$700,000 sales price
- $375,000 principle (75% LTV)
- $125,000 cash paid at closing (25% on 75% LTV)
- $18,750 origination fee (5% of the $375,000 principle)
- $67,500 total interest paid (18 months x 12% interest)
-----------------------
= $113,750 total profit
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