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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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We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
Secured Investment Lending
1485 International Parkway, Suite 1031
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Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
Stratton Equities is the Leading Nationwide Direct Private Money & NON-QM Mortgage Lender that specializes in fast and flexible lending processes. We have the largest library of private money and NON-QM nationwide loan programs under one roof. Our team is ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
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New Silver
2475 Albany Ave #203B
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REI Capital
5660 Strand Court
Naples, FL 34110
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Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
Gokapital, Inc. is a Miami, FL based private lender who provides funding all throughout the US.Providing lending solutions for a variety of situations, including loans for rental properties, cash out, hard money loans, fix-and-flip loans, hard money loans for commercial ...
Lend Some Money
42 Thompson Street, Suite 1A
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Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
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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 ...
Edward Voccola & Co
75 Arlington Street, Suite 500
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11 Capital Finance
20 West Vine Street #575
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Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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