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Bridge Loans in Ramona, South Dakota
Ramona, SD has 16 private money lenders issuing loans in the city. The average amount loaned in this city is $399,584. The average interest rate for hard money loans in Ramona is 10.4%. The typical loan issued in the city is 22 months in length. The mean note includes a 5.4 point origination fee. The average loan-to-value (LTV) for loans in Ramona is 70%.
Loan Example 1
Marina finds a property in Ramona, SD to renovate and sell. Since she doesn't have enough cash on-hand to buy the $300,000 property outright, she takes out a hard money bridge loan from West Shore Investment Corporation. The lender agrees to issue a note with a 75% loan to value (LTV) so they will extend $225,000 on the property. The deal also includes these features: 1) a 6 month term, 2) a 12% interest only note, and 3) a one point origination charge.
Marina will have to contribute $75,000 to the closing (25% on the 75% loan to value), plus she will need to pay the $2,250 origination fee. After the deal is closed and Marina takes the property, she will begin making monthly payments of $2,250 to West Shore Investment Corporation ($225,000 principle x 12% / 12 months). Marina's plan is to finish the remodel by the end of the 6 months and sell it for $360,000. If she succeeds she will collect a profit of $44,250 ($360,000 price - $225,000 principle amount - $75,000 funds brough to closing - $2,250 origination points - $13,500 in total interest.
Loan Example 2
Joan is a an investor in Ramona, SD. She purchases an older property for a renovation project and obtains a hard money bridge loan from Big Lake Funding with the following terms:
a) A $320,000 purchase price, b) a 55% loan-to-value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 2% origination fee.
If Joan accomplishes her goal of a $448,000 sales price, the numbers of the project would be as follows:
$448,000 sales price
- $176,000 principle (55% LTV)
- $144,000 down payment (45% on 55% LTV)
- $3,520 origination points (2% of the $176,000 principle)
- $24,640 total interest paid (12 months x 14% interest)
-----------------------
= $99,840 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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