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Bridge Loans in Rowena, South Dakota
Rowena, SD has 14 lenders operating within the city. The mean amount for loans is $534,445. Interest rates on private loans made to Rowena investors average around 11.4%. The average note issued in the city is for 16 months. The average origination percentage charged on the loans is 3.5%. Lenders in Rowena average a 72% LTV on their deals.
Loan Example 1
Lottie takes a hard money bridge loan from Easy Brook Lending in order to renovate a townhouse to flip in Rowena, SD. The list price of the house is $280,000. Because the lender sets a 75% loan-to-value, Lottie will be required to put 25% down and the total amount of the note will be $210,000. The parameters of the note also stipulate a five percent origination fee that will be paid at the closing and a 6 month, interest only note with a 14% rate of interest.
In accordance with the terms of the deal, Lottie will have to contribute a $10,500 origination fee in addition to 25% of the sales price, or $70,000, since there is a 75% LTV. Once the deal closes, she will need to pay the lender $2,450 in monthly interest payments, or 14% multiplied by $210,000 divided by 12 months in the year. If Lottie meets her goal of a $392,000 sales price when the loan expires, she would pocket a gross profit of $86,800 after re-paying the principle on the note and deducting the cash she brought to closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Roberta finds a property in Rowena, SD to rehab and re-sell. Since she does not have enough cash to buy the property outright, she takes a private money bridge loan from Urban Finance Corporation with the following parameters:
a) A $250,000 sales price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 1% origination fee.
After the renovation project is completed, if Roberta sells the property for $312,500, the outcome would be the following:
$312,500 sales price
- $162,500 note principle (65% LTV)
- $87,500 cash paid at closing (35% on 65% LTV)
- $1,625 origination points (1% of the $162,500 principle)
- $6,500 total interest paid (6 months x 8% interest)
-----------------------
= $54,375 total 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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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
1485 International Parkway, Suite 1031
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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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We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
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Roc Capital
645 Madison Ave
New York City, NY 10022
Headquartered in New York, NY, Roc Capital is a lender offering loans all across the United States. They offer fix-and-flip loans, private refinancing, bridge loans, and commercial loans. Their loan guidelines are flexible, including rates starting at 7.49% , loan ...
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
East Haven, CT 06513
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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