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Fix and Flip Loans in Belle Fourche, South Dakota
Belle Fourche, SD has 18 fix-and-flip lenders operating in the city. The mean note made is approximately $398,125. Rates on hard money loans made to Belle Fourche borrowers average around 11.5%. 38 months is the mean term for notes issued in the city. The mean origination fee added to the loans is 4.6%. 71% is the median loan-to-value for offered by lenders in Belle Fourche.
Loan Example 1
Clara finds a townhouse in Belle Fourche, SD to rehab and re-sell. Since she doesn't have enough cash available to buy the $260,000 house outright, she decides to take out a fix-and-flip loan from Suburban Funding. The terms of the loan include a 65% loan to value (LTV), so she must bring 35% of the price as cash at closing, making the principle loan amount $169,000. The deal also consists of these features: 1) a 12 month length, 2) a 10% interest only note, and 3) a five point origination fee.
Clara will need to bring $91,000 to the closing (35% on the 65% LTV), plus she will need to pay the $8,450 origination fee. The lender will collect $1,408 in monthly interest payments from the borrower. This is calculated by taking the total loan value of $169,000, multiplying by the 10% interest rate, and then dividing that amount by 12. Clara's plan is to finish the house by the end of the 12 months and re-sell it for $377,000. If she succeeds she will make a profit of $91,650 ($377,000 price - $169,000 principle amount - $91,000 down payment - $8,450 origination fee - $16,900 in total interest.
Loan Example 2
Affluent Lending makes a loan to May for a remodeling project in Belle Fourche, SD. The deal includes the following:
$400,000 sales price
75% loan-to-value (LTV)
6 month term
9% rate of interest
4% origination fee
After the renovation project is complete, if May sells the property for $580,000, the outcome would be the following:
$580,000 sales price
- $300,000 note principle (75% LTV)
- $100,000 down payment (25% on 75% LTV)
- $12,000 origination points (4% of the $300,000 principle amount)
- $13,500 total interest paid (6 months x 9% interest)
-----------------------
= $154,500 gross profit (doesn't include taxes or renovation 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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