Idaho Bridge Loans
Idaho has 36 bridge lenders operating in the state. The median note amount in this state is $314,327. The median interest rate for hard money loans in Idaho is 10.8%. 20 months is the median length for notes issued in the state. The average origination fee charged for loans is 3.6%. 74% is the median loan-to-value for offered by lenders in Idaho.
Loan Example 1
Leonard finds a condo in Post Falls, ID to renovate and sell. Since he doesn't have enough cash to acquire the $320,000 house outright, he takes out a hard money bridge loan from All American Lending Company. The lender agrees to write a loan with a 70% loan to value (LTV) so they will extend $224,000 on the project. The interest rate on the note is 8% for a length of 18 months and the company requires a five point origination fee at the closing. The interest is to be paid on a monthly basis and the principle amount will be paid back after the property sells.
The borrower must bring a total of $32,400 up front to cover the $96,000 down payment plus the $11,200 origination fee. The monthly interest only payments will then total $1,493 to the lender. If Leonard sells the rehabed project for $464,000 at the end of the 18 month term, his total profit (not including remodeling costs) would be $105,920. This is computed by taking the purchase price ($464,000) and subtracting the original note amount ($224,000), the origination cost ($11,200), the funds he contributed to closing ($96,000), and the total interest expenses ($26,880).
Loan Example 2
Karen takes out a bridge loan from Superior Investment Company so she can renovate a townhouse to re-sell in Boise, ID. The loan has the following terms:
$220,000 sales price
80% loan to value (LTV)
18 month term
10% rate of interest
2% origination fee
If Karen succeeds in her goal of a $308,000 sales price, the numbers of the project would be the following:
$308,000 sales price
- $176,000 loan principle (80% LTV)
- $44,000 cash paid at closing (20% on 80% LTV)
- $3,520 origination points (2% of the $176,000 principle amount)
- $26,400 interest payments (18 months x 10% interest)
-----------------------
= $58,080 total profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nations largest private lenders to residential real estate investors!
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New Silver
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Park Place Finance
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T&M Commercial Funding
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Westar Funding
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Eastside Funding
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PO Box 40186
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1880 S. Cobalt Point Way, Suite 200
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202 N. 9th Street, Suite 300
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Exile Capital
3383 N Five Mile Rd, Suite 143
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Private Capital Northwest
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Riverdale Funding
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