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Fix and Flip Loans in Baltic, South Dakota
Baltic, SD has 18 fix-and-flip hard money lenders operating in the city. The average note made to borrowers is about $411,875. The average rate for hard money loans in Baltic is 11.7%. The median loan made in the city is for 20 months. The mean note includes a 3.9 point origination charge. 74% is the typical LTV offered for for loans in Baltic.
Loan Example 1
Keri is a real estate investor in Baltic, SD. She locates an older property for sale and wants to rehab it and flip it for a profit. The property has a cost of $150,000 but she does not have the full amount so she takes a fix-and-flip loan with Ocean View Lending Group. The terms of the note include a 55% loan to value (LTV), so she must bring 45% of the price as cash to closing, which makes the principle loan amount $82,500. The interest rate on the loan is 10% for a length of 12 months and the company requires a one point origination fee at closing. The interest is to be paid monthly and the principle will be repaid after the property sells.
Keri will have to bring a total of $32,400 upon closing to cover the $67,500 down payment in addition to the $825 origination fee. The monthly interest-only payments will then be $688 to Ocean View Lending Group. If Keri meets her goal of a $217,500 sales price at the end of the loan term, she would pocket a gross profit of $58,425 after repaying the principle on the note and deducting the money she paid at closing, the origination fee, and the total monthly interest payments.
Loan Example 2
East Side Funding Company issues a fix and flip loan to Jim for a renovation project in Baltic, SD. The deal dictates the following:
$270,000 purchase price
50% loan to value (LTV)
18 month term
10% interest rate
5% origination fee
After the rehab project is finished, if Jim sells the house for $337,500, the outcome would be as follows:
$337,500 sales price
- $135,000 principle (50% LTV)
- $135,000 cash paid at closing (50% on 50% LTV)
- $6,750 origination points (5% of the $135,000 principle amount)
- $20,250 total interest paid (18 months x 10% interest)
-----------------------
= $40,500 total profit (doesn't 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!
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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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Harbor Private Equity
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Atlanta, GA 30309
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Dominion Financial
32 S Street
Baltimore, MD 21202
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Secured Investment Lending
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Center Street Lending
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American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
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National Advance Group
1 Linden Place
Great Neck, NY 11021
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Stratton Equities
28 Bloomfield Avenue
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Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
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New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
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Roc Capital
645 Madison Ave
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AMUSA Commercial Capital
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ABC Capital Investments
1218 N. Marshall Street
Philadelphia, PA 19122
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Gokapital Mortgage
2150 Coral Way | Suite 1A
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Aegis Funding
2100 Main Street, suite 265
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Quickline Capital Partners
4713 Crossroads Park Drive Suite 101
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