Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
New Construction Loans in Kosciusko, Mississippi
Kosciusko, MS has 18 new construction hard money lenders operating within the city. The average loan made to borrowers is around $371,607. Interest rates for hard money loans average around 10.4%. 15 months is the average term for loans issued in this city. The average loan includes a 5.7 point origination fee. Lenders typically offer a 75% loan to value (LTV) on loans in Kosciusko.
Loan Example 1
Monica is a builder and decides to buy a land plot in Kosciusko, MS and construct a new home. Monica expects that the construction costs will be approximately $350,000 and the lot costs $180,000. South End Finance Corporation will loan on the transaction at a 50% loan-to-value (LTV) with a 14%, 12 month new construction loan with three origination points to be paid when the transaction closes. Construction fees will be paid in draws and there are no pre-payment penalties assessed. The borrower will be required to pay $3,092 monthly in interest payments on top of $265,000 down, plus a $7,950 origination charge at closing. At the end of the loan, Monica sells the house for $760,000. This will net Monica a $184,950 net profit after re-paying all costs of the loan ($265,000 principle amount, $265,000 cash at closing, $7,950 origination charges, and $37,100 for 12 months of payment).
Loan Example 2
Vincent wants to buy a home lot in Kosciusko, MS and build a single family home and re-sell it. Because he doesn't have enough cash to pay for the full transaction, he obtains a new construction private money loan from P & J Funding Group with the following specifications:
a) A $150,000 purchase price for the lot, b) $300,000 in building costs, c) an 65% loan-to-value (LTV), d) a 12 month length, e) a 9% rate of interest, and f) a 5 point origination fee.
After the construction is finished, if Vincent lists the house for $600,000, the final numbers would be as follows:
$600,000 sales price
- $292,500 loan principle (65% LTV)
- $157,500 cash paid at closing (35% on 65% LTV)
- $14,625 origination points (5% of the $292,500 principle)
- $26,325 total interest paid (12 months x 9% interest)
-----------------------
= $109,050 total profit
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