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Fix and Flip Loans in Brookings, South Dakota
Brookings, SD has 18 fix-and-flip hard money lenders serving the city. The average note amount in the city is $639,167. Rates on hard money loans made to Brookings borrowers average about 11.1%. 34 months is the average length for notes issued in the city. The average loan offered in the city carries a 2.8 percent origination fee. Lenders in Brookings average a 78% loan-to-value (LTV) on their loans.
Loan Example 1
George closes on a $270,000 renovation project in Brookings, SD, using a fix-and-flip loan from Dimension Funding Group. The lender agrees to write a loan with a 55% loan to value (LTV) so they are willing to loan $148,500 on the property. The parameters of the loan dictate a 8% note for 12 months. They also stipulate a 3 point origination fee, that will also need to be paid when the property closes.
The borrower will need to fund a total of $32,400 up front to cover the $121,500 down payment in addition to the $4,455 origination fee. The lender will collect $990 in monthly interest from the George. This is computed by taking the full note amount of $148,500, multiplying by the 8% interest rate, and then dividing that amount by 12. If George sells the property for $391,500 after 12 months, he would then make a total profit of $105,165 after deducting the principle of $148,500, the cash contributed at the close of $121,500, the origination points of $4,455, and the aggregate interest payments of $11,880. This amount does not include remodeling costs.
Loan Example 2
North Side Investment Group makes a private money loan to Charlie for a remodeling project in Brookings, SD. The deal includes the following:
$290,000 purchase price
55% loan-to-value (LTV)
6 month term
14% rate of interest
4% origination fee
Once the renovation project is finished, if Charlie sells the property for $362,500, the outcome would be as follows:
$362,500 sales price
- $159,500 loan principle (55% LTV)
- $130,500 down payment (45% on 55% LTV)
- $6,380 origination points (4% of the $159,500 principle amount)
- $11,165 total interest paid (6 months x 14% interest)
-----------------------
= $54,955 gross profit (does not 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!
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