With more than $12.3B in funded loans, Kiavi is one of the nations largest private lenders to residential real estate investors!
Bridge Loans in Canova, South Dakota
Canova, SD has 17 bridge lenders serving the city. The average note amount in the city is $385,000. The average rate for hard money loans in Canova is 10.4%. The mean term for notes is 27 months. A typical hard money loan made in the city carries a 3.1 percent origination cost. The median loan to value for loans in Canova is 72%.
Loan Example 1
Lynette closes on a $400,000 renovation project in Canova, SD, using a private money bridge loan from Brown Lending Corporation. The lender agrees to issue a loan with a 80% loan to value (LTV) so they are willing to loan $320,000 on the house. The rate on the note is 9% for a term of 6 months and the company requires a four point origination fee at the close. The interest is to be paid on a monthly basis and the principle amount will be returned after the sale of the property.
Lynette will need to contribute $80,000 at the closing (20% on the 80% loan to value), plus she will need to pay the $12,800 origination fee. Brown Lending Corporation will collect $2,400 in monthly interest payments from the borrower. This is calculated by taking the total note amount of $320,000, multiplying by the 9% interest rate, and then dividing that number by 12. If Lynette meets her goal of a $560,000 total sales price when the loan term expires, she would make a gross profit of $132,800 after repaying the principle and deducting the cash she brought to closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Brown Finance issues a bridge loan to Shauna for a remodeling project in Canova, SD. The loan includes the following:
a) A $390,000 purchase price, b) a 60% loan-to-value (LTV), c) a 12 month term, d) a 12% interest rate, and e) a 2% origination fee.
Based on a $585,000 sales price at the end of the 12 month term, the numbers for the project would look like this:
$585,000 sales price
- $234,000 loan principle (60% LTV)
- $156,000 down payment (40% on 60% LTV)
- $4,680 origination points (2% of the $234,000 principle amount)
- $28,080 total interest paid (12 months x 12% interest)
-----------------------
= $162,240 gross profit (doesn't include taxes or renovation costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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