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Bridge Loans in Goodwin, South Dakota
Goodwin, SD has 16 private money bridge lenders serving the city. In this city, the median amount for loans is $481,945. Rates on hard money loans issued to Goodwin borrowers average 10.4%. The typical loan made in the city is 20 months in length. A typical hard money loan made in this city includes a 3.2 percent origination charge. Lenders in Goodwin average a 71% LTV on their deals.
Loan Example 1
Urban Finance Group makes a private money bridge loan to Heather for a remodeling project in Goodwin, SD, on a house that costs $370,000. The terms of the deal include a 75% loan to value (LTV), so she must contribute 25% of the price as cash to closing, which makes the principle loan amount $277,500. The loan is interest-only, with monthly payments, and is for 6 months at 11% interest with 4 origination points to be paid when the deal closes.
On top of the $11,100 origination fee, Heather will also need to fund $92,500 of the purchase with her own funds, or 25% of the purchase price. Once the deal closes, she will pay the lender $2,544 in monthly interest payments, or 11% multiplied times $277,500 divided by 12 months in the year. If Heather meets her goal of a $536,500 sales price when the loan term expires, she would pocket a gross profit of $140,138 after re-paying the principle on the note and deducting the cash she brought to closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Frank is a an investor in Goodwin, SD. He purchases an older house for a rehab project and takes a private money bridge loan from Easy Brook Funding Company with the following terms:
$170,000 sales price
80% loan-to-value (LTV)
12 month term
8% rate of interest
4% origination fee
Assuming a $221,000 sales price after the 12 month term, the numbers for this deal would look like the following:
$221,000 sales price
- $136,000 principle (80% LTV)
- $34,000 down payment (20% on 80% LTV)
- $5,440 origination fee (4% of the $136,000 principle)
- $10,880 total interest paid (12 months x 8% interest)
-----------------------
= $34,680 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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