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Bridge Loans in Nunda, South Dakota
A total of 16 search results for private money bridge lenders were found in Nunda, SD. The median note issued is about $555,000. Rates on private loans made to Nunda investors average 9.8%. The mean length offered for notes is 28 months. The mean points applied to loans is 1.9%. Lenders in Nunda average a 71% loan-to-value on their deals.
Loan Example 1
Patrick is a real estate investor in Nunda, SD. He finds an older property and decides to rehab it and sell it for a profit. The house costs $340,000 but he does not have the full amount so he takes a hard money bridge loan with Red City Funding Company. The borrower will be required to fund 30% of the sales price in cash to the closing based on a 70% loan to value set by the lending company. This makes the principle note from Red City Funding Company $238,000. The parameters of the note also include a four percent origination fee that is to be paid at the closing and a 18 month, interest-only note with a 13% rate of interest.
Patrick will have to contribute $102,000 to the closing (30% on the 70% loan-to-value), plus he will have to pay the $9,520 origination fee. The lender will collect $2,578 in monthly interest payments from the borrower. This is computed by taking the full loan value of $238,000, multiplying that by the 13% rate of interest, and then dividing that amount by 12. At the end of the loan, he sells the rehabed house for $408,000. After subtracting the $46,410 in total interest payments ($2,578 times 18 months), the $9,520 origination fee, the $238,000 principle on the loan, and the $102,000 he brought to the closing, he will make a gross profit of $12,070 ($408,000 price minus $395,930 in total costs). This amount would then be reduced by any building costs paid by the borrow.
Loan Example 2
Kerri takes out a bridge loan from Presitge Lending Company so she can remodel a property to resell in Nunda, SD. The deal has the following parameters:
a) A $340,000 purchase price, b) a 50% loan-to-value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 5% origination fee.
If Kerri achieves her goal of a $425,000 sales price, the numbers of the project will be the following:
$425,000 sales price
- $170,000 principle on note (50% LTV)
- $170,000 cash paid at closing (50% on 50% LTV)
- $8,500 origination points (5% of the $170,000 principle amount)
- $17,000 total interest paid (12 months x 10% interest)
-----------------------
= $59,500 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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