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Bridge Loans in Crooks, South Dakota
A total of 16 results for hard money bridge lenders were found in Crooks, SD. In this city, the average note amount is $667,813. Interest rates for loans average about 11.5%. The typical loan made in this city is for 16 months. The average note includes a 7.3 point origination fee. The median LTV for loans in Crooks is 71%.
Loan Example 1
Alberto is an investor in Crooks, SD. He finds a run-down property for sale and decides to remodel it and flip it for a profit. The house has a cost of $200,000 but he does not have the full amount so he takes a hard money bridge loan with Frontera Lending Corporation. The loan-to-value (LTV) on the note is 70%. This means that Alberto will need to bring 30% of the purchase price to the closing and the principle amount will be $140,000 on the deal. The parameters of the deal dictate a 13% note for 12 months. They also require a 1 point origination fee, that will also have to be paid at closing.
In accordance with the terms of the loan, Alberto will have to pay a $1,400 origination fee plus 30% of the purchase price, or $60,000, since there is a 70% LTV. Frontera Lending Corporation will collect $1,517 in monthly interest from the Alberto. This is calculated by taking the full loan value of $140,000, multiplying by the 13% rate of interest, and then dividing that number by 12. If Alberto achieves his goal of a $240,000 total sales price at the end of the loan term, he would collect a gross profit of $20,400 after re-paying the principle and subtracting the cash he brought to closing, the origination fee, and the total interest payments.
Loan Example 2
Dean finds a duplex in Crooks, SD to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a bridge loan from Johnson Funding Company with the following parameters:
$160,000 purchase price
55% loan to value (LTV)
12 month term
11% rate of interest
1% origination fee
After the renovation project is finished, if Dean sells the house for $200,000, the final numbers would be the following:
$200,000 sales price
- $88,000 note principle (55% LTV)
- $72,000 cash paid at closing (45% on 55% LTV)
- $880 origination fee (1% of the $88,000 principle amount)
- $9,680 total interest paid (12 months x 11% interest)
-----------------------
= $29,440 total profit (does not include taxes or rehab 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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