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Bridge Loans in Castlewood, South Dakota
A total of 16 search results for private money bridge lenders were found in Castlewood, SD. The average amount loaned is $570,313. The average interest rate for loans in Castlewood is 12.0%. The average term offered for loans is 23 months. The average loan includes a 3.6 percent origination cost. Lenders typically offer a 68% loan to value on deals in Castlewood.
Loan Example 1
North End Investment Company issues a hard money bridge loan to Alvin for a remodeling project in Castlewood, SD, on a house that is listed for $190,000. Because the lender agrees to a 70% loan-to-value, Alvin will have to put 30% down so the principle amount of the note will be $133,000. The loan also consists of these features: 1) a 6 month length, 2) a 12% interest-only note, and 3) a four percent origination charge.
Accordingly, the borrower will need to make a $57,000 down payment in addition to paying a $5,320 origination fee. he must then pay $1,330 per month to North End Investment Company. If Alvin sells the rehabed house for $237,500 at the end of the 6 month term, his total profit (not accounting for rehab expenses) would be $34,200. This is computed by taking the sales price ($237,500) and subtracting the principle ($133,000), the origination fee ($5,320), the cash he contributed to closing ($57,000), and the total interest payments ($7,980).
Loan Example 2
Sidney is a real estate investor in Castlewood, SD. He buys an older townhouse for a rehab project and obtains a hard money bridge loan from Flourish Investment Group with the following paramters:
a) A $150,000 purchase price, b) a 55% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.
Based on a $195,000 sales price after the 12 month term, the outcome for this project would look like this:
$195,000 sales price
- $82,500 principle (55% LTV)
- $67,500 cash paid at closing (45% on 55% LTV)
- $3,300 origination fee (4% of the $82,500 principle)
- $7,425 interest payments (12 months x 9% interest)
-----------------------
= $34,275 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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Kiavi
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Pittsburgh, PA 15212
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Center Street Lending
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New Silver
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REI Capital
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11 Capital Finance
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