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 Sinai, South Dakota
There are 16 lenders serving Sinai, SD. The average note issued to borrowers is approximately $468,056. Interest rates for loans average about 10.8%. The average term for notes is 20 months. The average note includes a 2.4 point origination fee. Lenders typically offer a 77% loan to value on deals in Sinai.
Loan Example 1
Therese is an investor in Sinai, SD. She finds an older property and decides to rehab it and flip it for a profit. The property costs $370,000 but she does not have the full amount so she takes out a bridge loan with Oceanside Finance Group. The lender agrees to make a loan with a 65% loan-to-value (LTV) so they will loan $240,500 on the project. The loan also includes the following features: 1) a 12 month length, 2) a 8% interest only note, and 3) a one percent origination charge.
Therese must fund a total of $32,400 up front to pay the $129,500 down payment plus the $2,405 origination fee. Once the loan is closed and Therese takes over the project, she will need to begin making payments each month of $1,603 to Oceanside Finance Group ($240,500 principle x 8% / 12 months). If Therese achieves her goal of a $518,000 sales price when the loan expires, she would collect a gross profit of $126,355 after re-paying the principle on the note and deducting the cash she contributed at closing, the origination fee, and the monthly interest payments.
Loan Example 2
Byron finds a property in Sinai, SD to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from East End Funding Corporation with the following parameters:
a) A $260,000 sales price, b) a 50% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 4% origination fee.
Based on a $351,000 sales price at the end of the 12 month term, the final numbers for the project would look like the following:
$351,000 sales price
- $130,000 note principle (50% LTV)
- $130,000 cash paid at closing (50% on 50% LTV)
- $5,200 origination points (4% of the $130,000 principle)
- $14,300 interest payments (12 months x 11% interest)
-----------------------
= $71,500 gross profit (does not include taxes or rehab costs)
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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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2 Allegheny Center, Nova Tower 2, Suite 200
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