Conway, SC has 46 investment property hard money lenders serving the city. Loan amounts average approximately $297,778. Rates for private loans average 10.5%. 15 months is the average length for notes issued in this city. The average points charged for the loans is 2.6%. 73% is the typical LTV for for loans in Conway.
Annette is an investor in Conway, SC. She discovers an investment property she wants to acquire for $330,000 but she doesn't have enough cash so she takes out a hard money loan from Friendly Investment Group . The lender loans Annette 70% of the value of the property (LTV), so she will be required to put down the other 30%. According to the terms of the deal, the note will be for 3 years at 14% interest. A 5% origination fee will have to be paid at closing and Annette will have to make interest-only payments with a balloon payment of the principle amount paid at the end of the deal. According to this deal, Annette will have to put down $99,000 of her own money into the deal in addition to the $11,550 origination fee (5% x $231,000 principle loan). She will then need to make interest payments of $2,695 per month.
Acme Investment Corporation makes a private money loan to Rodney , a local real estate investor in Conway, SC who has decided to acquire a $180,000 rental property in the Red Hill area. Since there is a 75% loan to value (LTV) agreed to by the two parties, Rodney will need to pay the other 25% with his own money. The deal additionally specifies a 4 year term with interest only payments at 11%, and a 1% origination fee. According to this scenario, Rodney will have to fund $45,000 of his own funds in the deal in addition to the $1,350 origination fee (1% x $135,000 principle loan). He will also need to make interest payments of $1,238 per month.