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There are 21 construction hard money lenders serving Stevensville, MI. Note amounts average approximately $297,188. Interest rates for loans average around 10.8%. The median term offered for notes is 13 months. The average hard money loan issued in the city includes a 2.7 point origination charge. Lenders in Stevensville average a 73% loan-to-value (LTV) on their deals.
Laurel is a real estate investor and she decides to purchase a home lot in Stevensville, MI and construct a tri-plex. Laurel thinks that the building costs will be approximately $150,000 and the lot costs $350,000. South Star Funding Corporation will contribute to the project at a 80% loan-to-value (LTV) with a 8%, 6 month construction loan with five origination points to be paid when the transaction closes. They agree not to charge a pre-payment penalty and they will fund the building costs in a few draws. By this loan scenario, Laurel will need to fund the following: 1) $100,000 cash down (based on the 80% LTV), 2) a $20,000 origination charge ($400,000 loan principle x 5%), and 3) $2,667 monthly interest payments. If Laurel sells the home for $670,000 she will make a gross profit of $134,000 after paying pack the principle and deducting the origination fee and total interest.
Miguel wants to purchase a lot in Stevensville, MI and build a tri-plex in order to sell it. He gets a construction loan from South Side Lending Corporation with the following parameters:
a) A $250,000 sales price for the vacant plot, b) $300,000 in construction expenses, c) an 70% loan to value (LTV), d) a 12 month term, e) a 13% interest rate, and f) a 2% origination charge.
Miguel intends to list the house when the note expires for $790,000. If he succeeds, the final numbers will be the following:
$790,000 sales price
- $385,000 principle (70% LTV)
- $165,000 down payment (30% on 70% LTV)
- $7,700 origination fee (2% of the $385,000 principle)
- $50,050 total interest paid (12 months x 13% interest)
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= $182,250 gross profit
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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 ...
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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 ...
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 ...
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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 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 ...
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Caroline Lending LLC is a Houston, TX based hard money lender. They provide funding all throughout the US. They provide loans for a variety of needs and situations, including short term fix and flip loans, ground up construction ...
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