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Bridge Loans in Rowena, South Dakota
Rowena, SD has 16 lenders operating within the city. The mean amount for loans is $534,445. Interest rates on private loans made to Rowena investors average around 11.4%. The average note issued in the city is for 16 months. The average origination percentage charged on the loans is 3.5%. Lenders in Rowena average a 72% LTV on their deals.
Loan Example 1
Lottie takes a hard money bridge loan from Easy Brook Lending in order to renovate a townhouse to flip in Rowena, SD. The list price of the house is $280,000. Because the lender sets a 75% loan-to-value, Lottie will be required to put 25% down and the total amount of the note will be $210,000. The parameters of the note also stipulate a five percent origination fee that will be paid at the closing and a 6 month, interest only note with a 14% rate of interest.
In accordance with the terms of the deal, Lottie will have to contribute a $10,500 origination fee in addition to 25% of the sales price, or $70,000, since there is a 75% LTV. Once the deal closes, she will need to pay the lender $2,450 in monthly interest payments, or 14% multiplied by $210,000 divided by 12 months in the year. If Lottie meets her goal of a $392,000 sales price when the loan expires, she would pocket a gross profit of $86,800 after re-paying the principle on the note and deducting the cash she brought to closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Roberta finds a property in Rowena, SD to rehab and re-sell. Since she does not have enough cash to buy the property outright, she takes a private money bridge loan from Urban Finance Corporation with the following parameters:
a) A $250,000 sales price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 1% origination fee.
After the renovation project is completed, if Roberta sells the property for $312,500, the outcome would be the following:
$312,500 sales price
- $162,500 note principle (65% LTV)
- $87,500 cash paid at closing (35% on 65% LTV)
- $1,625 origination points (1% of the $162,500 principle)
- $6,500 total interest paid (6 months x 8% interest)
-----------------------
= $54,375 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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