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Bridge Loans in Ethan, South Dakota
Ethan, SD has 16 private money lenders operating within the city. The mean loan made is around $412,500. The mean interest rate for private loans in Ethan is 11.5%. The median note issued in this city is for 20 months. The mean loan includes a 4.0 point origination charge. Lenders typically offer a 71% loan to value on deals in Ethan.
Loan Example 1
Della is a house flipper in Ethan, SD. She discovers a run-down property for sale and wants to remodel it and flip it for a profit. The property costs $150,000 but she doesn't have the full amount so she takes out a private money bridge loan with West Side Investments. The loan-to-value (LTV) on the deal is 75%. This means Della will have to bring 25% of the sales price to the closing and the principle amount will be $112,500 on the note. The loan also includes the following features: 1) a 12 month term, 2) a 14% interest only note, and 3) a two percent origination fee.
Therefore, Della will need to contribute a $37,500 down payment plus pay a $2,250 origination fee. West Side Investments will collect $1,313 in monthly interest from the Della. This is calculated by taking the full note value of $112,500, multiplying by the 14% interest rate, and then dividing that number by 12. Della's plan is to complete the rehab by the end of the 12 months and re-sell it for $180,000. If she succeeds she will make a profit of $12,000 ($180,000 price - $112,500 principle amount - $37,500 cash paid at closing - $2,250 origination fee - $15,750 in interest.
Loan Example 2
Gene finds a townhouse in Ethan, SD to renovate and resell. Because he does not have enough cash to buy the property outright, he takes a bridge loan from Credence Finance Company with the following parameters:
$170,000 purchase price
70% loan to value (LTV)
12 month term
11% interest rate
5% origination fee
Based on a $229,500 sales price at the end of the 12 month term, the numbers for the project would look like the following:
$229,500 sales price
- $119,000 principle (70% LTV)
- $51,000 cash paid at closing (30% on 70% LTV)
- $5,950 origination points (5% of the $119,000 principle amount)
- $13,090 total interest paid (12 months x 11% interest)
-----------------------
= $40,460 total profit (doesn't include taxes or renovation costs)
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