Mississippi Bridge Loans
Mississippi has 16 bridge lenders serving the state. The average amount loaned is $294,261. The average rate for private loans in Mississippi is 10.5%. The mean term for notes is 18 months. The average loan made in this state carries a 2.6 percent origination fee. Lenders offer on average a 73% loan to value on deals in Mississippi.
Loan Example 1
Madeline closes on a $400,000 renovation project in Horn Lake, MS, using a hard money bridge loan from BCC Finance Group . The loan-to-value (LTV) on the note is 60%. This means that Madeline will bring 40% of the sales price to the closing and the principle will be $240,000 on the loan. The loan also consists of these features: 1) a 18 month length, 2) a 11% interest only note, and 3) a three point origination charge.
In addition to paying the $7,200 origination fee, Madeline will also have to fund $160,000 of the purchase with her own cash, or 40% of the sales price. The monthly interest only payments will then total $2,200 to BCC Finance Group . If Madeline sells the property for $560,000 after 18 months, she would make a gross profit of $113,200 after subtracting the principle amount of $240,000, the money paid at closing of $160,000, the origination points of $7,200, and the total interest payments of $39,600. This gross profit does not account for building costs.
Loan Example 2
Faye finds a property in Picayune, MS to renovate and resell. Since she does not have enough cash to buy the property outright, she takes a private money bridge loan from Green Fern Investment Company with the following parameters:
$330,000 purchase price
70% loan-to-value (LTV)
6 month term
14% interest rate
4% origination fee
If Faye achieves her goal of a $412,500 sales price, the final numbers of the deal will be the following:
$412,500 sales price
- $231,000 loan principle (70% LTV)
- $99,000 cash paid at closing (30% on 70% LTV)
- $9,240 origination points (4% of the $231,000 principle amount)
- $16,170 interest payments (6 months x 14% interest)
-----------------------
= $57,090 total profit (does not include taxes or rehab costs)
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