Nevada Bridge Loans
Nevada has 28 bridge lenders operating within the state. The mean loan made is approximately $360,646. The mean rate for private loans in Nevada is 10.4%. The typical term for notes is 30 months. A typical hard money loan offered in the state includes a 2.5 point origination charge. 73% is the typical LTV for offered by lenders in Nevada.
Loan Example 1
Willa takes a bridge loan from Progressive Finance Company in order to remodel a duplex to resale in Henderson, NV. The sales price of the house is $280,000. The loan-to-value (LTV) on the deal is 60%. This means Willa will need to bring 40% of the purchase price to closing and the principle amount will be $168,000 on the deal. The parameters of the deal dictate a 12% note for 18 months. They also require a 5 point origination fee, which will also have to be paid at closing.
Accordingly, Willa will be required to make a $112,000 down payment in addition to paying a $8,400 origination fee. After the loan is executed and Willa takes over the property, she will have to begin making payments each month of $1,680 to Progressive Finance Company ($168,000 principle x 12% / 12 months). At the expiration of the loan, she sells the renovated house for $336,000. After subtracting the $30,240 in interest payments ($1,680 multiplied times 18 months), the $8,400 origination fee, the $168,000 principle amount on the loan, and the $112,000 she contributed to closing, she will make a gross profit of $17,360 ($336,000 price minus $318,640 in costs). This amount would be reduced by any renovation costs paid out of pocket.
Loan Example 2
Alberto locates a duplex in Henderson, NV to remodel and sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from Johnson Funding Company with the following parameters:
$360,000 sales price
80% loan to value (LTV)
12 month term
12% interest rate
5% origination fee
If Alberto succeeds in his goal of a $522,000 sales price, the final numbers of the deal will be the following:
$522,000 sales price
- $288,000 principle (80% LTV)
- $72,000 cash paid at closing (20% on 80% LTV)
- $14,400 origination points (5% of the $288,000 principle amount)
- $34,560 total interest paid (12 months x 12% interest)
-----------------------
= $113,040 gross profit (doesn't include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
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Anchor Loans
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Kiavi
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Lantzman Lending
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Synergy Financial Partners
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1485 International Parkway, Suite 1031
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500 West 2nd Suite 1900
Austin, TX 78701
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Genesis Capital
21650 Oxnard Street, Suite 1700
Woodland Hills, CA 91367
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Gelt Financial
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Private Money Utah
349 E. 900 S. Suite 201
Salt Lake City, UT 84111
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Newmark Investment and Loan
501 Pyramid Way
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Cherrywood Commercial
20955 Pathfinder Road, Suite 370
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Rapid Commercial Loans
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RLS Mortgage
4455 E. Camelback Rd, Suite D135
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Sunset Equity Funding
6125 Washington Blvd, 3rd Floor
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Peak Choice Capital
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202 N. 9th Street, Suite 300
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Emory Funding
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