Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
Bridge Loans in Dillon, South Carolina
Dillon, SC has 46 private money bridge lenders offering loans within the city. Note amounts average around $288,056. The average rate for private loans in Dillon is 11.5%. The typical length for notes is 16 months. The average loan offered in the city carries a 2.8 point origination fee. The median loan to value for loans in Dillon is 71%.
Loan Example 1
Craig finds a house in Dillon, SC to flip and re-sell. Since he does not have enough cash available to acquire the $150,000 project outright, he takes out a private money bridge loan from Advanced Finance Company . The terms of the loan include a 50% loan to value (LTV), so he must bring 50% of the price as cash at closing, which makes the principle note amount $75,000. The rate on the loan is 12% for a term of 6 months and the company requires a two point origination fee at the close. The interest payments are to be paid monthly and the principle amount will be repaid after the property sells.
Craig will have to bring $75,000 at the closing (50% on the 50% loan-to-value), plus he will need to pay the $1,500 origination fee. Once the loan closes, he will need to pay the lender $750 in monthly interest fees, or 12% multiplied by $75,000 divided by 12 months in the year. If he sells the renovated project for $202,500 at the end of the 6 month term, his total profit (not accounting for renovation expenses) would be $46,500. This is computed by taking the sales price ($202,500) and subtracting the original note amount ($75,000), the origination cost ($1,500), the cash he brought to closing ($75,000), and the total interest expenses ($4,500).
Loan Example 2
Brandy locates a house in Dillon, SC to rehab and resell. Since she does not have enough cash to buy the property outright, she takes a bridge loan from Oceanside Lending Company with the following parameters:
$370,000 purchase price
75% loan to value (LTV)
6 month term
13% rate of interest
5% origination fee
Brandy plans to sell the house when the note expires for $462,500. If she achieves this goal, the final numbers would be as follows:
$462,500 sales price
- $277,500 principle on note (75% LTV)
- $92,500 down payment (25% on 75% LTV)
- $13,875 origination fee (5% of the $277,500 principle amount)
- $18,038 total interest paid (6 months x 13% interest)
-----------------------
= $60,588 gross profit (does not include taxes or rehab costs)
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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