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Bridge Loans in Lennox, South Dakota
Lennox, SD has 14 bridge lenders operating within the city. The median loan amount in the city is $775,000. Interest rates for loans average 9.1%. The mean term offered for loans is 24 months. A typical loan made in the city carries a 2.3 point origination fee. The typical loan-to-value offered for loans in Lennox is 75%.
Loan Example 1
South End Lending Group issues a private money bridge loan to Janie for a remodeling project in Lennox, SD, on a property that is listed for $190,000. Since the lender sets a 55% loan to value, Janie will have to put 45% down so the total amount of the note will be $104,500. The terms of the deal also stipulate a five point origination fee which will be paid at the closing and a 6 month, interest-only note with a 14% rate of interest.
According to the parameters of the note, Janie will be required to pay a $5,225 origination fee plus 45% of the purchase price, or $85,500, based on the 55% LTV. After the deal closes, she will need to pay South End Lending Group $1,219 in monthly interest payments, or 14% multiplied by $104,500 divided by 12 months in a year. If Janie sells the house for $266,000 after 6 months, she would then realize a gross profit of $63,460 after deducting the original principle of $104,500, the money paid at the close of $85,500, the origination points of $5,225, and the total interest payments of $7,315. This gross profit does not include remodeling costs.
Loan Example 2
Jaime takes out a bridge loan from South Shore Finance Corporation so he can renovate a townhouse to flip in Lennox, SD. The deal has the following parameters:
$390,000 sales price
65% loan-to-value (LTV)
12 month term
13% interest rate
5% origination fee
Once the renovation project is complete, if Jaime sells the project for $487,500, the outcome would be as follows:
$487,500 sales price
- $253,500 loan principle (65% LTV)
- $136,500 down payment (35% on 65% LTV)
- $12,675 origination fee (5% of the $253,500 principle)
- $32,955 total interest paid (12 months x 13% interest)
-----------------------
= $51,870 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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Stratton Equities
28 Bloomfield Avenue
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New Silver
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REI Capital
5660 Strand Court
Naples, FL 34110
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Gokapital Mortgage
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
10575 N. 114th St. Suite 103
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Edward Voccola & Co
75 Arlington Street, Suite 500
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