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Bridge Loans in Lyons, South Dakota
We found 16 results for private money bridge lenders operating in Lyons, SD. The average loan issued is about $382,500. Rates for private loans average 11.1%. 16 months is the average length for loans issued in this city. The mean origination fee for the loans is 4.0 percent. 70% is the median loan to value (LTV) for offered by lenders in Lyons.
Loan Example 1
Nelson is a real estate investor in Lyons, SD. He discovers an older property and decides to rehab it and flip it for a profit. The property costs $230,000 but he doesn't have the full amount so he takes a bridge loan with South Shore Investment Corporation. The loan-to-value (LTV) on the deal is 55%. This means Nelson will need to bring 45% of the sales price to closing and the principle will be $126,500 on the note. The loan also has the following features: 1) a 12 month term, 2) a 11% interest-only note, and 3) a two point origination charge.
Nelson will have to contribute $103,500 at closing (45% on the 55% loan-to-value), plus he will have to pay the $2,530 origination fee. The lender will collect $1,160 in monthly interest from the borrower. This is calculated by taking the full note value of $126,500, multiplying that by the 11% interest rate, and then dividing that number by 12. Nelson's plan is to finish the renovation by the end of the 12 months and re-sell it for $276,000. If he succeeds he will collect a total profit of $29,555 ($276,000 price - $126,500 principle - $103,500 funds brough to closing - $2,530 origination fee - $13,915 in interest.
Loan Example 2
Karina finds a house in Lyons, SD to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a bridge loan from BCC Funding with the following parameters:
$160,000 sales price
55% loan-to-value (LTV)
6 month term
8% interest rate
3% origination fee
Assuming a $208,000 sales price at the end of the 6 month term, the numbers for this deal would look like the following:
$208,000 sales price
- $88,000 principle on note (55% LTV)
- $72,000 down payment (45% on 55% LTV)
- $2,640 origination fee (3% of the $88,000 principle)
- $3,520 interest payments (6 months x 8% interest)
-----------------------
= $41,840 total profit (doesn't 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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