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Bridge Loans in Worthing, South Dakota
Worthing, SD has 14 hard money bridge lenders offering loans in the city. Note amounts average approximately $506,250. Rates for loans average around 10.4%. The mean term offered for notes is 23 months. The average origination for loans is 4.4 percent. Lenders in Worthing average a 72% loan-to-value on their loans.
Loan Example 1
Juanita closes on a $350,000 rehab project in Worthing, SD, using a hard money bridge loan from East Side Lending Company. The terms of the note include a 65% loan to value (LTV), so she must bring 35% of the price as cash to closing, which makes the principle loan amount $227,500. The loan is interest-only, paid monthly, and is for 18 months at 14% interest with 5 origination points to be paid when the deal closes.
Juanita will have to bring $122,500 at closing (35% on the 65% LTV), plus she will pay the $11,375 origination fee. The monthly interest-only payments will then total $2,654 to the lender. If Juanita sells the project for $455,000 after 18 months, she would then realize a total profit of $45,850 after subtracting the principle amount of $227,500, the money paid at the close of $122,500, the origination fee of $11,375, and the aggregate interest payments of $47,775. This profit does not include renovation costs.
Loan Example 2
Alberta finds a duplex in Worthing, SD to remodel and re-sell. Since she does not have enough cash to buy the property outright, she takes a hard money bridge loan from USA Lending Company with the following parameters:
a) A $150,000 sales price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 1% origination fee.
Assuming a $210,000 sales price at the end of the 6 month term, the final numbers for this project would look like this:
$210,000 sales price
- $105,000 loan principle (70% LTV)
- $45,000 down payment (30% on 70% LTV)
- $1,050 origination points (1% of the $105,000 principle)
- $4,200 interest payments (6 months x 8% interest)
-----------------------
= $54,750 total profit (doesn't include taxes or rehab costs)
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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REI Capital
5660 Strand Court
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Primeau Funding
10575 N. 114th St. Suite 103
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75 Arlington Street, Suite 500
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