New Construction Loans in Pontotoc, Mississippi
Pontotoc, MS has 18 new construction hard money lenders in the city. The median loan made to borrowers is approximately $330,000. The median rate for loans in Pontotoc is 10.7%. The mean note issued in the city has a term of 16 months. The mean origination fee for the loans is 3.1 percent. Lenders in Pontotoc average a 74% loan-to-value (LTV) on their loans.
Loan Example 1
Lindsay wants to purchase a home lot in Pontotoc, MS to build a house to resell it. The plot is available for $180,000 and Lindsay thinks the construction costs for the house will be approximately $200,000. She applies for a new construction loan from Uptown Lending Company with the following stipulations: 1) a 18 month note at 12% interest, 2) interest-only payments made monthly, 3) 3 origination points at closing by the borrower, and 4) a 85% loan to value (LTV) on both the lot and the construction costs. Building fees will be paid in multiple draws and there are no pre-payment penalties assessed. By this deal scenario, the lender will pay $323,000 of the lot and construction costs. The borrower will need to pay $57,000 down, a $9,690 origination charge, and $3,230 per month in interest payments. At the end of the loan, Lindsay re-sells the home for $530,000. This will make Lindsay a $82,170 gross profit after re-paying all costs of the deal ($323,000 principle amount, $57,000 cash down, $9,690 origination fee, and $58,140 for 18 months of payment).
Loan Example 2
Bobbie is a home builder in Pontotoc, MS. She decides to purchase a vacant lot to build a new home. In order to fund the project, she obtains a new construction loan from Blue Mountain Funding Company with these parameters:
a) A $270,000 sales price for the lot, b) $250,000 in building expenses, c) an 60% loan to value (LTV), d) a 6 month length, e) a 14% rate of interest, and f) a 3 point origination charge.
If Bobbie succeeds in her goal of a $780,000 sale, the final numbers of the deal will be the following:
$780,000 sales price
- $312,000 note principle (60% LTV)
- $208,000 down payment (40% on 60% LTV)
- $9,360 origination points (3% of the $312,000 principle)
- $21,840 interest payments (6 months x 14% interest)
= $228,800 net profit
Based in Atlanta, GA, Angel Oak Prime Bridge is an asset-based lender offering loans throughout Georgia. They provide loans for many different scenarios, including fix-and-flip hard money loans, short term bridge loans, construction loans, and investment property loans. ...
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Global Capital Partners
1345 Avenue Of The Americas, 2nd Floor
New York, NY 10105
(800) 514-7350 Website
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
(952) 345-3445 Website
Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75070
(214) 548-5190 Website
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using ...
Fund That Flip is private lender headquartered in New York, NY. They offer funding across the country. They offer fix-and-flip hard money loans, ground-up construction loans, and long term rental property loans. Their loan guidelines ...
Silver Arch Capital is a Hackensack, NJ based hard money lender. They provide loans across the US. They provide new construction loans, refinancing, and hard money loans for commercial properties. They offer terms between 1 ...
Rodeo Capital Inc is private lender headquartered in Los Angeles, CA. They provide loans throughout the US. They offer lending solutions for many different situations, including refinancing, short term bridge loans, hard money construction loans, fix and ...
Based in Water Mill, NY, Hamptons Financial is a hard money lender offering funding throughout the United States. They offer short term fix and flip loans, private commercial loans, new construction loans, hard money refinancing, bridge loans, and ...
360 CB Capital Funding
711 Westchester Avenue, Suite 202
White Plains, NY 10604
(914) 422-3204 Website
360 CB Capital Funding is a White Plains, NY based hard money lender. They provide funding all across the US. They provide ground up construction loans, short term loans, long term rental property loans, cash out loans, fix ...
Capital Funding Corporation
515 South Flower Street, 36th Floor
Los Angeles, CA 90071
(310) 561-1400 Website
Capital Funding Corporation is a Los Angeles, CA based private lender. They offer loans all throughout the United States. They offer ground-up construction loans and commercial loans. They offer loan amounts ranging from $3,000,000 to $50,000,000 ...