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Bridge Loans in Corsica, South Dakota
Corsica, SD has 14 private money lenders serving the city. In this city, the median note amount is $448,611. Rates for loans average about 9.8%. 18 months is the median length for loans made in the city. The mean origination fee for loans is 1.5 points. The median loan to value (LTV) for loans in Corsica is 73%.
Loan Example 1
Jason takes a private money bridge loan from Rising Sun Lending Group in order to remodel a condo to resale in Corsica, SD. The sales price of the property is $350,000. The loan-to-value (LTV) on the note is 70%. This means Jason will need to bring 30% of the purchase price to closing and the principle will be $245,000 on the loan. The loan is interest only, with monthly payments, and is for 6 months at 9% interest with 3 points to be paid at closing.
Accordingly, the borrower will be required to contribute a $105,000 down payment plus pay a $7,350 origination fee. After the deal closes, he will need to pay the lender $1,838 in monthly interest payments, or 9% multiplied times $245,000 divided by 12 months in a year. If Jason sells the house for $472,500 after 6 months, he would make a gross profit of $104,125 after deducting the principle of $245,000, the money paid at closing of $105,000, the origination fee of $7,350, and the total interest payments of $11,025. This profit doesn't account for remodeling costs.
Loan Example 2
Corey finds a duplex in Corsica, SD to rehab and sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from ABC Lending Group with the following parameters:
$310,000 purchase price
70% loan to value (LTV)
6 month term
10% rate of interest
4% origination fee
Corey plans to list the house when the note expires for $465,000. If he achieves this goal, the final numbers would be the following:
$465,000 sales price
- $217,000 note principle (70% LTV)
- $93,000 cash paid at closing (30% on 70% LTV)
- $8,680 origination points (4% of the $217,000 principle amount)
- $10,850 total interest paid (6 months x 10% interest)
-----------------------
= $135,470 total profit (doesn't include taxes or renovation costs)
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