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 Spring Grove, Illinois
Spring Grove, IL has 27 new construction hard money lenders serving the city. The median loan amount in the city is $294,063. Rates on private loans made to Spring Grove borrowers average 10.9%. The median loan made in the city has a term of 14 months. The mean loan includes a 3.0 percent origination fee. Lenders in Spring Grove average a 75% LTV on their loans.
Loan Example 1
Rhoda is an investor in Spring Grove, IL. She decides to acquire a vacant lot and build a new house. In addition to the $290,000 cost of the plot, Rhoda estimates she will need around $200,000 in building expenses to build the house. To pay for the deal, she obtains a new construction loan from Famous Finance Group . They agree to make a note with a 11% rate of interest for 6 months and 3 origination points to be paid when the deal closes. Additionally, they agree to contribute 75% of the cumulative expenses (the loan-to-value or "LTV"). Rhoda is to receive the building expenses in draws and there will not be a pre-payment penalty if she repays the note early. The borrower will need to pay $3,369 monthly in interest payments on top of $122,500 down, plus a $11,025 origination fee at the closing. Rhoda 's plan is to sell the house for $580,000. If she succeeds, she will pocket a gross profit of $58,763 after deducting all expenses ($367,500 principle amount, $122,500 cash down, $11,025 origination fee and $20,213 for 6 months of payments).
Loan Example 2
Kimberly decides to buy a home lot in Spring Grove, IL and build a house in order to sell it. In order to pay for the project, she takes out a new construction loan from Pretty Perfect Investment Corporation with the following stipulations:
a) A $220,000 sales price for the land lot, b) $400,000 in building costs, c) an 55% loan-to-value (LTV), d) a 12 month term, e) a 13% rate of interest, and f) a 4% origination fee.
Kimberly wants to list the property at the end of the term for $890,000. If she succeeds, the final numbers will be the following:
$890,000 sales price
- $341,000 note principle (55% LTV)
- $279,000 down payment (45% on 55% LTV)
- $13,640 origination fee (4% of the $341,000 principle amount)
- $44,330 interest payments (12 months x 13% interest)
-----------------------
= $212,030 net 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 Atlanta, GA, Angel Oak Prime Bridge is an asset-based lender offering loans throughout Georgia. They provide loans for many different scenarios, including fix-and-flip hard money loans, short term bridge loans, construction loans, and investment property loans. ...
NSB Financing is a Miami, FL based hard money lender. They offer loans in 10 states throughout the United States. They offer loans for many different situations and needs, including commercial hard money loans, hard money construction loans, ...
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 ...
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 ...
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 ...
New Wave Loans is an asset-based lender based in Aventura, FL providing funding throughout New York, Arizona, Illinois, and Florida. They provide lending solutions for a variety of situations, including buy and hold loans, commercial loans, ground up ...
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
Genesis Capital is a Woodland Hills, CA based private lender. They provide funding in 17 states throughout the United States. They offer ground up construction loans, bridge loans, buy and hold loans, fix-and-flip loans, private refinancing, and ...
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 ...
Based in Santa Ana, CA, Unlimited Capital Group is a private lender offering loans in 15 states across the country. They offer loans for a variety of situations, including fix-and-flip loans, refinancing, bridge loans, loans for rental properties, commercial ...
Straightline Funding is an Atlanta, GA based private lender. They provide loans throughout Alabama, Georgia, Illinois, North Carolina, and South Carolina. They provide bridge loans, loans for investments properties, new construction loans, cash out loans, fix and ...
Headquartered in Miami Beach, FL, YC Funding is an asset-based lender offering loans in 23 states across the United States. They offer construction loans, cash out loans, buy and hold loans, short term bridge loans, fix and flip hard ...
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 ...
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 ...
Fund That Flip is private lender headquartered in New York, NY. They offer funding across the country. They offer fix-and-flip hard money loans, ground-up construction loans, and long term rental property loans. Their loan guidelines ...
George Smith Partners is a Los Angeles, CA based hard money lender. They provide loans all throughout the US. They provide loans for a variety of situations and needs, including hard money loans for commercial properties, short term ...
Based in Charlotte, NC, Finance of America Commercial is a private money lender providing funding all throughout the United States. They offer lending solutions for a variety of situations and needs, including refinancing, hard money bridge loans, fix and ...
Huntington Coast Capital is hard money lender based in Huntington Beach, CA. They offer loans throughout the country. They offer short term loans, cash out hard money loans, commercial loans, and builder loans. They offer ...
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