Iowa New Construction Loans
We found 7 records for construction hard money lenders in Iowa. The median amount loaned in this state is $465,555. The median rate for loans in Iowa is 10.7%. 18 months is the median length for loans made in this state. The mean origination percentage added to loans is 3.6%. The mean loan to value offered for loans in Iowa is 75%.
Loan Example 1
Adrian is an investor in Fort Dodge, IA. He wants to acquire a vacant lot and build a new house. In addition to the $310,000 cost of the land, Adrian approximates he will need about $200,000 in building costs to build the home. In order to pay for the project, he takes a new construction loan from J & T Finance Corporation . They contract to issue a loan with a 8% interest rate for 12 months and 5 origination points paid at the closing. Additionally, they agree to contribute 55% of the cumulative costs (the loan-to-value or "LTV"). There are no pre-payment penalties for the loan and building costs will be paid out over multiple draws. The borrower will need to pay $1,870 per month in loan payments on top of $229,500 down, plus a $14,025 origination charge at closing. After deducting all costs, Adrian will make a $63,535 total profit if he succeeds in his goal of a $610,000 sales price.
Loan Example 2
Sean is a home builder and he wants to buy a land lot in Ankeny, IA and build a new tri-plex. To pay for the deal, he takes a new construction loan from Ocean View Investment Group with the following specifications:
After the construction is complete, if Sean lists the property for $1,060,000, the final numbers will be the following:
$1,060,000 sales price
- $497,000 loan principle (70% LTV)
- $213,000 down payment (30% on 70% LTV)
- $24,850 origination points (5% of the $497,000 principle amount)
- $82,005 total interest paid (18 months x 11% interest)
= $243,145 net profit
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
(952) 345-3445 Website
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...