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Bridge Loans in Colman, South Dakota
We found 16 results for private money bridge lenders operating in Colman, SD. The average note amount is $373,889. Interest rates on hard money loans made to Colman investors average 10.6%. The mean length offered for notes is 21 months. The mean points charged for the loans is 3.2%. 72% is the typical loan-to-value (LTV) offered for offered by lenders in Colman.
Loan Example 1
Lana is an investor in Colman, SD. She finds a run-down property for sale and wants to rehab it and flip it for a profit. The property has a cost of $250,000 but she does not have the full amount so she obtains a hard money bridge loan with South Star Finance. Because the lender agrees to a 75% loan-to-value, Lana will need to put 25% down so the amount of the note will be $187,500. The terms of the loan dictate a 13% note for 12 months. They also stipulate a 3 point origination fee, that will also have to be paid when the property closes.
In accordance with the terms of the note, Lana will be required to contribute a $5,625 origination fee plus 25% of the sales price, or $62,500, since there is a 75% LTV. After the deal is closed and Lana takes on the project, she will begin making monthly payments of $2,031 to South Star Finance ($187,500 principle x 13% / 12 months). If she sells the renovated project for $312,500 at the end of the 12 month term, her total profit (not including remodeling expenses) would be $32,500. This is calculated by taking the sales price ($312,500) and subtracting the original note amount ($187,500), the origination fee ($5,625), the money she contributed to closing ($62,500), and the total interest payments ($24,375).
Loan Example 2
West Shore Lending makes a private money bridge loan to Susana for a renovation project in Colman, SD. The deal dictates the following:
a) A $320,000 sales price, b) a 60% loan to value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 2% origination fee.
Based on a $464,000 sales price after the 18 month term, the numbers for the deal would look like this:
$464,000 sales price
- $192,000 principle on note (60% LTV)
- $128,000 cash paid at closing (40% on 60% LTV)
- $3,840 origination fee (2% of the $192,000 principle amount)
- $31,680 interest payments (18 months x 11% interest)
-----------------------
= $108,480 gross profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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