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 Traverse City, Michigan
There are 22 search results for construction private money lenders serving Traverse City, MI. The mean amount for loans is $297,188. Interest rates on private loans made to Traverse City borrowers average around 10.8%. 13 months is the mean term for loans offered in this city. The mean origination fee applied to the loans is 2.7%. The mean loan to value (LTV) offered for loans in Traverse City is 73%.
Loan Example 1
Adrian is a home builder and wants to acquire a land plot in Traverse City, MI and construct a duplex. The construction costs will be around $350,000 and the land is listed for $210,000. He gets a construction loan from Blue Sky Lending with the following specifications: 1) a 6 month note at 14% interest, 2) interest-only payments made every month, 3) 5 origination points paid at closing by the borrower, and 4) a 85% loan-to-value (LTV) on both the lot purchase and the construction expenses. Adrian is to receive the construction expenses in draws and there won't be a pre-payment penalty if he repays the note early. By this deal scenario, Adrian will need to fund the following expenses: 1) $84,000 down (based on the 85% LTV), 2) a $23,800 origination charge ($476,000 loan principle x 5%), and 3) $5,553 monthly payments. Adrian 's intent is to sell the new home for $780,000. If he achieves this, he will make a total profit of $162,880 after subtracting all costs ($476,000 principle, $84,000 cash down, $23,800 origination fee and $33,320 for 6 months of payments).
Loan Example 2
Nicholas wants to buy a lot in Traverse City, MI and construct a new house and resell it for a profit. To pay for the project, he applies for a new construction loan from Allstar Lending Company with these parameters:
a) A $190,000 purchase price for the land plot, b) $300,000 in building expenses, c) an 60% loan-to-value (LTV), d) a 6 month length, e) a 12% interest rate, and f) a 4 point origination charge.
Nicholas wants to sell the house when the note expires for $580,000. If he achievs this goal, the deal numbers will be as follows:
$580,000 sales price
- $294,000 principle on note (60% LTV)
- $196,000 cash paid at closing (40% on 60% LTV)
- $11,760 origination fee (4% of the $294,000 principle)
- $17,640 interest payments (6 months x 12% interest)
-----------------------
= $60,600 gross profit
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 ...
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 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 ...
Empire Financial Services is a Tukwilla, WA based hard money lender who offers funding in 16 states across the country. They offer lending solutions for a variety of situations, including hard money loans for commercial properties, fix and flip ...
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 ...
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. ...
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 ...
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 ...
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 ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
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 ...
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 ...
Silver Arch Capital is a Hackensack, NJ based hard money lender. They provide loans across the US. They provide new construction loans, refinancing, and hard money loans for commercial properties. They offer terms between 1 ...
Rodeo Capital Inc is private lender headquartered in Los Angeles, CA. They provide loans throughout the US. They offer lending solutions for many different situations, including refinancing, short term bridge loans, hard money construction loans, fix 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 ...
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 ...
3 J Bar-K is a hard money lender headquartered in Jacksonville, FL offering funding throughout the United States. They provide ground up construction loans, cash out loans, short term loans, fix and flip hard money loans, private commercial loans, ...
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 ...
National Equity Funding is private money lender based in Irvine, CA. They offer funding throughout the country. They offer fix and flip hard money loans, investment property loans, commercial loans, construction loans, and short term loans. ...
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