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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)
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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
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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
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
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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
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Gokapital Mortgage
2150 Coral Way | Suite 1A
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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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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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