With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Bridge Loans in Sturgis, South Dakota
Sturgis, SD has 16 hard money bridge lenders in the city. In this city, the median amount for loans is $368,750. Interest rates for hard money loans average about 10.3%. The median loan issued in this city has a length of 23 months. The average hard money loan made in the city includes a 4.6 point origination fee. The average LTV offered for loans in Sturgis is 69%.
Loan Example 1
Shirley closes on a $310,000 renovation project in Sturgis, SD, using a hard money bridge loan from Superior Investment Group. The lender agrees to issue a loan with a 85% loan to value (LTV) so they are willing to loan $263,500 on the project. The loan is interest-only, with monthly payments, and is for 12 months at 10% interest with 3 points paid at closing.
Therefore, Shirley will be required to contribute a $46,500 down payment plus pay a $7,905 origination fee. After the loan is executed and Shirley takes the project, she will have to begin making monthly payments of $2,196 to Superior Investment Group ($263,500 principle x 10% / 12 months). If Shirley sells the property for $387,500 after 12 months, she would realize a gross profit of $43,245 after subtracting the principle amount of $263,500, the funds contributed at the close of $46,500, the origination points of $7,905, and the total interest payments of $26,350. This gross profit does not include rehab costs.
Loan Example 2
Frontera Funding Group issues a bridge loan to Violet for a remodeling project in Sturgis, SD. The deal dictates the following:
a) A $270,000 purchase price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 1% origination fee.
Assuming a $405,000 sales price after the 18 month term, the outcome for this deal would look like this:
$405,000 sales price
- $229,500 principle (85% LTV)
- $40,500 cash paid at closing (15% on 85% LTV)
- $2,295 origination points (1% of the $229,500 principle amount)
- $48,195 total interest paid (18 months x 14% interest)
-----------------------
= $84,510 total profit (does not include taxes or renovation costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Harbor Private Equity
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Atlanta, GA 30309
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Flip N Fast Loans
4445 Corporation Ln Suite 264
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New Silver
2475 Albany Ave #203B
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REI Capital
5660 Strand Court
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Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
Gokapital Mortgage
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75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
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