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 Huron, South Dakota
Huron, SD has 16 hard money bridge lenders offering loans within the city. Note amounts average around $445,000. Rates for private loans average 11.0%. The average loan made in this city has a length of 19 months. The mean loan includes a 3.7 point origination fee. Lenders typically offer a 70% loan-to-value on hard money loans in Huron.
Loan Example 1
Kent takes a private money bridge loan from East Star Funding Corporation in order to remodel a property to resale in Huron, SD. The sales price of the house is $380,000. As the lender sets a 65% loan-to-value, Kent will need to put 35% down and the principle amount of the loan will be $247,000. The rate on the loan is 8% for a length of 6 months and the company requires a four point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be repaid after the sale of the property.
By the terms of the note, Kent will be required to pay a $9,880 origination fee in addition to 35% of the sales price, or $133,000, based on the 65% LTV. East Star Funding Corporation will collect $1,647 in monthly interest from the borrower. This is calculated by taking the full loan value of $247,000, multiplying by the 8% interest rate, and then dividing that number by 12. Kent's plan is to finish the remodel within the 6 months and sell it for $475,000. If he succeeds he will collect a profit of $75,240 ($475,000 sales price - $247,000 principle - $133,000 down payment - $9,880 origination fee - $9,880 in total interest payments.
Loan Example 2
Samuel is a real estate investor in Huron, SD. He buys a run-down property for a remodeling project and obtains a private money bridge loan from Redwood Finance with the following terms:
a) A $320,000 sales price, b) a 60% loan-to-value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 1% origination fee.
After the rehab project is finished, if Samuel sells the project for $416,000, the numbers would be the following:
$416,000 sales price
- $192,000 principle on note (60% LTV)
- $128,000 down payment (40% on 60% LTV)
- $1,920 origination points (1% of the $192,000 principle)
- $13,440 interest payments (6 months x 14% interest)
-----------------------
= $80,640 gross profit (does not include taxes or rehab costs)
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