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Bridge Loans in Egan, South Dakota
Egan, SD has 14 lenders operating within the city. The average amount loaned is $488,750. Interest rates for private loans average around 11.6%. 23 months is the average term for loans offered in the city. The average origination fee for loans is 2.8 percent. 72% is the typical LTV for offered by lenders in Egan.
Loan Example 1
Nora finds a condo in Egan, SD to renovate and re-sell. Since she doesn't have enough cash to acquire the $210,000 house outright, she takes out a private money bridge loan from Cordial Investments. The borrower will be required to contribute 15% of the purchase price in cash to the closing based on a 85% loan-to-value stipulated by the lending company. This makes the principle note from Cordial Investments $178,500. The note is interest only, paid monthly, and is for 18 months at 14% interest with 3 origination points paid at the closing.
Accordingly, Nora will need to make a $31,500 down payment plus pay a $5,355 origination fee. Once the loan closes, she will pay the lender $2,083 in monthly interest fees, or 14% multiplied by $178,500 divided by 12 months in a year. If Nora sells the project for $252,000 after 18 months, she would realize a gross profit of $-840 after deducting the principle amount of $178,500, the funds contributed at the close of $31,500, the origination points of $5,355, and the aggregate interest payments of $37,485. This amount doesn't include remodeling costs.
Loan Example 2
Derrick finds a duplex in Egan, SD to renovate and resell. Since he does not have enough cash to buy the property outright, he takes a private money bridge loan from North Side Lending Company with the following parameters:
$300,000 purchase price
80% loan to value (LTV)
18 month term
11% rate of interest
1% origination fee
Derrick intends to sell the project at the end of the term for $390,000. If he succeeds, the final numbers will be the following:
$390,000 sales price
- $240,000 note principle (80% LTV)
- $60,000 down payment (20% on 80% LTV)
- $2,400 origination points (1% of the $240,000 principle amount)
- $39,600 total interest paid (18 months x 11% interest)
-----------------------
= $48,000 gross profit (does not include taxes or renovation 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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Lend Some Money
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Primeau Funding
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