Idaho Refinance / Cash Out Loans
Idaho has 20 hard money refi lenders offering loans in the state. In this state, the average note amount is $283,407. Interest rates for private loans average about 10.8%. The typical length offered for notes is 39 months. The average loan issued in the state includes a 4.0 percent origination cost. The mean loan to value offered for loans in Idaho is 77%.
Loan Example 1
Peter owns and operates a small business in Nampa, ID. He runs his operation out of a warehouse which he owns in full. In order to obtain much-needed cash to grow his business, he cashes out part of the equity in his building through a hard money cash out refinance from East Star Funding Company. The lender performs a market comparison and determines the building to be worth about $1,700,000. They decide to loan Peter 40% of this estimated market value (the LTV). Additionally, they specify a 12% rate of interest, a 5 year note term, and will collect an origination fee of 5 points at closing. Interest only payments will be paid monthly with the principle repaid when the loan matures. The loan principle will be $680,000 but East Star Funding Company will fund Peter $646,000 after subtracting the origination fee of $34,000. Additionally, they will collect $6,800 in monthly interest until they are repaid when the loan matures.
Loan Example 2
Lester owns a an industrial building for his business operations in Nampa, ID. So he can raise much-needed capital to grow his business, he takes out part of the equity in his building through a private money cash out refinance loan from Victory Lending Company. After deeming the property to be worth around $2,000,000, the lender contracts to a 60% loan-to-value (LTV) on the loan. The lender will subtract 3 origination points at the closing and will receive interest-only payments at 13% for 5 years. The principle will be paid off in a single balloon payment when the loan expires. Lester receives $1,164,000 in cash from Victory Lending Company when the transaction is closed ($2,000,000 estimated market value x 60% LTV - $36,000 in origination fees). He will then begin making monthly payments in the amount of $13,000 for the 5 year length of the loan. He will then make a final balloon payment of $1,200,000 to close the debt.
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3435 Wilshire #1840
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1100 Glendon Ave, 18th Floor
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Level 4 Funding
440 E Huntington Dr #300
Arcadia, CA 91016
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