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 ...
New Construction Loans in Somerset, Kentucky
Somerset, KY has 20 new construction lenders serving the city. Loan amounts average about $327,143. Interest rates on private loans made to Somerset borrowers average 10.9%. The mean length for loans is 15 months. The mean loan includes a 6.3 point origination fee. Lenders typically offer a 76% loan-to-value on deals in Somerset.
Loan Example 1
Adeline is a real estate investor and decides to purchase a land plot in Somerset, KY in order to build a new house. Adeline expects that the construction costs will be about $200,000 and the plot will cost $290,000. To fund the transaction, she takes a construction loan from Trust Lending . They contract to provide a loan with a 12% rate of interest for 6 months and 4 origination points paid when the deal closes. Additionally, they agree to contribute 80% of the aggregate costs (the loan-to-value / "LTV"). There will be no pre-payment penalties for the loan and construction costs will be paid out in three draws. By this loan scenario, Adeline will have to pay the following: 1) $98,000 down (based on the 80% LTV), 2) a $15,680 origination charge ($392,000 loan principle x 4%), and 3) $3,920 monthly payments. If Adeline then sells the house for $630,000 she will pocket a total profit of $100,800 after returning the principle amount and deducting the origination fee and cumulative interest.
Loan Example 2
Perry is an investor and decides to buy a lot in Somerset, KY in order to construct a duplex. He applies for a new construction loan from Prime Time Lending with these specifications:
a) A $230,000 purchase price for the land, b) $350,000 in construction expenses, c) an 50% loan-to-value (LTV), d) a 18 month length, e) a 9% interest rate, and f) a 2% origination fee.
Perry wants to sell the project at the end of the term for $840,000. If he succeeds, the deal numbers will be as follows:
$840,000 sales price
- $290,000 loan principle (50% LTV)
- $290,000 down payment (50% on 50% LTV)
- $5,800 origination points (2% of the $290,000 principle amount)
- $39,150 total interest paid (18 months x 9% interest)
-----------------------
= $215,050 total profit
Direct Lending Partners originates short-term real estate loans for the purpose of acquiring and renovating distressed residential real estate in the states of AL, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, MO, NC, NE, ...
Based in Hamilton, NJ, Creative Hard Money LLC is a private lender offering loans throughout the United States. They provide loans for many different scenarios, including fix and flip loans, cash out hard money loans, rental property loans, ground-up ...
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Global Capital Partners is a New York, NY based private lender. They provide funding across the US. They offer hard money bridge loans, hard money construction loans, refinancing, fix-and-flip loans, hard money loans for commercial properties, and ...
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 ...
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 ...
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 ...
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 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 ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, 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 ...
Dominion Mortgage Corporation is a Los Angeles, CA based private money lender. They provide loans all throughout the country. They offer short term loans, refinancing, private commercial loans, and new construction loans. They provide rates ...
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 ...
Brisco Funding is an asset-based lender in Chappaqua, NY providing funding throughout the US. They offer lending solutions for many different situations and needs, including construction loans, buy and hold loans, short term loans, and short term fix ...
Flip Funding is an asset-based lender in Sacramento, CA providing funding across the US. They provide investment property loans, cash out hard money loans, hard money loans for commercial properties, new construction loans, hard money bridge loans, and ...
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. ...
Capital Funding Corporation is a Los Angeles, CA based private lender. They offer loans all throughout the United States. They offer ground-up construction loans and commercial loans. They offer loan amounts ranging from $3,000,000 to $50,000,000 ...
North Shore Funding is a Syosset, NY based private lender. They provide loans across the US. They provide lending solutions for many different scenarios, including commercial hard money loans, bridge loans, and hard money construction loans. ...
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