West Virginia Bridge Loans
There are 21 private money lenders serving West Virginia. The median amount for loans in the state is $293,643. The median rate for private loans in West Virginia is 10.4%. The median note issued in this state is 19 months in length. The average hard money loan offered in the state includes a 2.9 percent origination charge. 76% is the median loan to value (LTV) for offered by lenders in West Virginia.
Loan Example 1
Lewis takes a hard money bridge loan from Prosperity Lending Corporation in order to renovate a duplex to resale in Clarksburg, WV. The sales price of the house is $340,000. The terms of the deal include a 55% loan to value (LTV), so he must contribute 45% of the price as cash at closing, which makes the principle note amount $187,000. The rate on the loan is 8% for a length 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 amount will be paid back after the sale of the property.
Lewis will have to contribute $153,000 to closing (45% on the 55% loan to value), plus he will have to pay the $7,480 origination fee. The lender will collect $1,247 in monthly interest from the Lewis . This is calculated by taking the full loan value of $187,000, multiplying by the 8% interest rate, and then dividing that number by 12. At the end of the note, he sells the renovated house for $425,000. After deducting the $7,480 in interest expenses ($1,247 multiplied by 6 months), the $7,480 origination fee, the $187,000 principle amount on the note, and the $153,000 he contributed to closing, he will earn a total profit of $70,040 ($425,000 sales price minus $354,960 in total costs). This amount would be reduced by any building costs paid by the borrow.
Loan Example 2
Esmeralda locates a house in Princeton, WV to remodel and resell. Because she does not have enough cash to buy the property outright, she takes a bridge loan from River View Funding with the following parameters:
$240,000 purchase price
85% loan to value (LTV)
18 month term
9% interest rate
3% origination fee
Assuming a $360,000 sales price at the end of the 18 month term, the numbers for this project would look like the following:
$360,000 sales price
- $204,000 principle on note (85% LTV)
- $36,000 down payment (15% on 85% LTV)
- $6,120 origination points (3% of the $204,000 principle)
- $27,540 total interest paid (18 months x 9% interest)
-----------------------
= $86,340 gross profit (does not include taxes or renovation costs)
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