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Bridge Loans in Colton, South Dakota
Colton, SD has 14 bridge lenders serving the city. The mean loan amount in this city is $395,313. Rates on private loans issued to Colton borrowers average 11.5%. The median loan issued in the city is for 31 months. The average origination fee for loans is 3.2 percent. Lenders typically offer a 74% loan to value on deals in Colton.
Loan Example 1
Bertha is a house flipper in Colton, SD. She finds an older property for sale and decides to rehab it and sell it for a profit. The house has a cost of $160,000 but she does not have the full amount so she obtains a bridge loan with Ocean View Funding Group. The borrower will be required to contribute 45% of the sales price in cash to the closing based on a 55% loan-to-value set by the lending company. This makes the principle note from Ocean View Funding Group $88,000. The deal also has the following features: 1) a 12 month length, 2) a 11% interest-only note, and 3) a four point origination charge.
By the terms of the loan, Bertha will have to contribute a $3,520 origination fee plus 45% of the sales price, or $72,000, based on the 55% LTV. Once the deal closes, she will pay Ocean View Funding Group $807 in monthly interest payments, or 11% multiplied by $88,000 divided by 12 months in a year. If Bertha sells the property for $232,000 after 12 months, she would then earn a gross profit of $58,800 after deducting the principle amount of $88,000, the money contributed at the close of $72,000, the origination fee of $3,520, and the total interest payments of $9,680. This gross profit does not include rehab costs.
Loan Example 2
Assurance Funding Company makes a private money bridge loan to Lena for a rehab project in Colton, SD. The loan dictates the following:
$240,000 purchase price
70% loan to value (LTV)
18 month term
8% interest rate
3% origination fee
Based on a $324,000 sales price at the end of the 18 month term, the outcome for the deal would look like this:
$324,000 sales price
- $168,000 loan principle (70% LTV)
- $72,000 cash paid at closing (30% on 70% LTV)
- $5,040 origination fee (3% of the $168,000 principle)
- $20,160 interest payments (18 months x 8% interest)
-----------------------
= $58,800 total profit (does not 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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Harbor Private Equity
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28 Bloomfield Avenue
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New Silver
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REI Capital
5660 Strand Court
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Lend Some Money
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Primeau Funding
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75 Arlington Street, Suite 500
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