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Bridge Loans in Pierre, South Dakota
Pierre, SD has 14 private money bridge lenders offering loans in the city. The median note made is about $416,667. The median interest rate for loans in Pierre is 11.0%. The average length for notes is 16 months. A typical loan made in this city includes a 2.8 percent origination fee. 75% is the typical loan to value (LTV) for offered by lenders in Pierre.
Loan Example 1
Jim closes on a $170,000 rehab project in Pierre, SD, using a bridge loan from Blue Square Funding Company. The loan-to-value (LTV) on the deal is 65%. This means that Jim will need to bring 35% of the sales price to closing and the principle amount will be $110,500 on the loan. The rate on the loan is 12% for a term of 6 months and the company requires a four point origination fee at the closing. The interest is to be paid monthly and the principle will be returned after the property sells.
In accordance with the parameters of the deal, Jim will be required to contribute a $4,420 origination fee in addition to 35% of the sales price, or $59,500, based on the 65% LTV. The monthly interest only payments will then total $1,105 to the lender. If Jim sells the remodeled house for $204,000 at the end of the 6 month term, his total profit (not accounting for renovation costs) would be $22,950. This is computed by taking the sales price ($204,000) and subtracting the original principle ($110,500), the origination cost ($4,420), the funds he brought to closing ($59,500), and the total interest expenses ($6,630).
Loan Example 2
Victory Funding makes a hard money bridge loan to Verna for a rehab project in Pierre, SD. The loan dictates the following:
$390,000 sales price
75% loan-to-value (LTV)
12 month term
14% interest rate
4% origination fee
Verna intends to sell the project when the note expires for $565,500. If she succeeds, the outcome will be the following:
$565,500 sales price
- $292,500 principle (75% LTV)
- $97,500 down payment (25% on 75% LTV)
- $11,700 origination points (4% of the $292,500 principle)
- $40,950 total interest paid (12 months x 14% interest)
-----------------------
= $122,850 gross profit (does not include taxes or rehab 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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Primeau Funding
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