West Virginia New Construction Loans
A total of 7 records for construction hard money lenders were found in West Virginia. The median amount for loans is $447,337. Rates for hard money loans average 10.7%. The mean loan made in this state has a length of 18 months. The average origination fee for loans is 3.6 percent. The typical loan to value (LTV) for loans in West Virginia is 75%.
Loan Example 1
Eleanor is an investor and decides to construct a single family home on a lot in Princeton, WV. Along with the $230,000 cost of the land, Eleanor estimates she will require about $400,000 in building expenses to build the house. Coastal Lending Corporation will fund the transaction at a 50% loan-to-value (LTV) with a 12%, 12 month new construction loan with four origination points paid at closing. Eleanor is to collect the building expenses in draws and there won't be a pre-payment penalty if she pays off the note prior to the expiration. Given this deal scenario, the lender will contribute $315,000 of the plot and the building expenses. The borrower will pay $315,000 down, a $12,600 origination charge, and $3,150 per month in loan payments. When the loan expires, Eleanor re-sells the project for $880,000. This will make Eleanor a $199,600 gross profit after paying back all expenses of the deal ($315,000 principle, $315,000 cash at closing, $12,600 origination fee, and $37,800 for 12 months of interest payments).
Loan Example 2
Felix is a real estate investor and wants to buy a home lot in Martinsburg, WV and build a new duplex. Since he doesn't have the cash to fund 100% of the transaction, he takes out a construction hard money loan from Sunrise Investment Company with the following parameters:
If Felix achieves his goal of a $650,000 sales price, the final numbers of the project will be as follows:
$650,000 sales price
- $275,000 principle on note (55% LTV)
- $225,000 down payment (45% on 55% LTV)
- $11,000 origination fee (4% of the $275,000 principle)
- $30,250 total interest paid (12 months x 11% interest)
= $108,750 total profit
Lima One Capital is a hard money lender based in Greenville, SC providing loans in 40 states across the US. They offer loans for many different scenarios, including fix-and-flip hard money loans, construction loans, refinancing, and investment property ...
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 ...
Investor Rehab Funding is hard money lender headquartered in Atlanta, GA. They provide loans in 40 states throughout the US. They offer fix-and-flip hard money loans, private refinancing, investment property loans, and new construction loans. ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
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 ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...