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Bridge Loans in Rapid City, South Dakota
Rapid City, SD has 16 private money bridge lenders offering loans in the city. The mean note amount is $292,813. The mean interest rate for private loans in Rapid City is 11.0%. The typical loan issued in this city is 17 months in length. A typical hard money loan made in the city carries a 4.2 point origination cost. Lenders in Rapid City average a 72% loan to value on their deals.
Loan Example 1
Connie takes a hard money bridge loan from ABC Investment Group in order to rehab a condo to resale in Rapid City, SD. The sales price of the house is $260,000. The lender agrees to make a loan with a 55% loan to value (LTV) so they are willing to loan $143,000 on the project. The loan is interest-only, paid monthly, and is for 18 months at 12% interest with 2 origination points to be paid when the deal closes.
Connie will have to contribute $117,000 at the closing (45% on the 55% loan-to-value), plus she will need to pay the $2,860 origination fee. After the deal is closed and Connie takes the property, she will need to begin making payments each month of $1,430 to ABC Investment Group ($143,000 principle x 12% / 12 months). Connie's intention is to finish the house by the end of the 18 months and resell it for $312,000. If she succeeds she will collect a gross profit of $23,400 ($312,000 price - $143,000 principle amount - $117,000 cash paid at closing - $2,860 origination points - $25,740 in total interest paid.
Loan Example 2
Prime Time Investment Company makes a hard money bridge loan to Jacquelyn for a rehab project in Rapid City, SD. The loan includes the following:
a) A $390,000 purchase price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 4% origination fee.
Once the rehab project is complete, if Jacquelyn sells the project for $468,000, the numbers would be as follows:
$468,000 sales price
- $253,500 principle on note (65% LTV)
- $136,500 down payment (35% on 65% LTV)
- $10,140 origination points (4% of the $253,500 principle)
- $11,408 interest payments (6 months x 9% interest)
-----------------------
= $56,453 total 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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