Anchor Loans is a Calabasas, CA based private lender. They provide loans in 34 states throughout the US. They offer new construction loans, fix-and-flip hard money loans, loans for rental properties, refinancing, hard money bridge loans, and ...
New Construction Loans in Fort Mill, South Carolina
A total of 29 records for construction private money lenders were found in Fort Mill, SC. In this city, the average note amount is $285,556. Interest rates for loans average around 11.2%. The median loan issued in the city is for 16 months. The average origination percentage added to the loans is 3.0%. 74% is the mean loan to value (LTV) for offered by lenders in Fort Mill.
Loan Example 1
Kathy wants to purchase a vacant lot in Fort Mill, SC to construct a new house in order to resell it. Kathy expects that the construction costs will be approximately $400,000 and the plot is listed for $390,000. She takes a construction loan from Brook View Investment Corporation with these terms: 1) a 18 month note at 12% interest, 2) interest only payments made each month, 3) 2 origination points at closing by the borrower, and 4) a 60% loan-to-value (LTV) on both the land purchase and the construction costs. They will not assess a pre-payment penalty and they will pay out the construction costs in multiple draws. By the specifications of the loan, Kathy will be required to pay $316,000 plus $9,480 in origination costs at closing, then will start making $4,740 per month payments. After deducting all costs, Kathy will make a $255,200 total profit if she succeeds in his goal of a $1,140,000 sales price.
Loan Example 2
Juanita decides to purchase a lot in Fort Mill, SC and construct a tri-plex and re-sell it. Because she does not have the cash to fund the total purchase, she applies for a construction private money loan from Suburban Finance Group with the following terms:
- $370,000 purchase price for the vacant lot
- $250,000 in construction costs
- 50% loan to value (LTV)
- 18 month term
- 8% rate of interest
- 2% origination charge
After the building project is finished, if Juanita lists the house for $860,000, the final numbers would be the following:
$860,000 sales price
- $310,000 note principle (50% LTV)
- $310,000 cash paid at closing (50% on 50% LTV)
- $6,200 origination fee (2% of the $310,000 principle amount)
- $37,200 total interest paid (18 months x 8% interest)
-----------------------
= $196,600 total profit
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LendingHQ
Charleston, SC
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