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Read on to learn more about calculating the cost of a bridge loan.
Rates will actually vary between lenders, but below is an average estimate for a bridge loan. The interest rate will fluctuate, but for this instance, we will use 8.5%. These types of bridge loans will not have payments for 4 months, but interest will build up and be due whenever the loan has been paid based on the sale of the old property. Below are sample fees:
- Title policy fee: $450 or more
- Recording fee: $65
- Notary fee: $40
- Escrow fee: $450
- Drawing/wire/courier fee: $75
- Appraisal fee: $475
- Administration fee: $850
Additionally, there will be a loan origination fee for the bridge loan that is based on the loan amount. Each point will be equal to 1%. Below are the average fees and they will vary.
- $100,000 – $150,000 = 0.75 point
- $150,000 – $250,000 = 1 point
- $25,000 – $100,000 = 0.50 point
Bridge Loans In Arizona
If you are looking for bridge loans in Arizona, Brad Loans by eMortgage can help. We offer bridge loans, hard money loans and fix and flip loans in Phoenix, Arizona and the sourounding cities.
