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Fix and Flip Loans in Eureka, South Dakota
Eureka, SD has 18 fix and flip lenders serving the city. Loan amounts average around $417,188. Interest rates for hard money loans average about 11.2%. The mean loan made in the city is for 45 months. The average origination fee added to the loans is 4.3%. 73% is the average loan to value (LTV) for for loans in Eureka.
Loan Example 1
Greg is a real estate investor in Eureka, SD. He discovers a run-down property for sale and decides to renovate it and flip it for a profit. The property has a cost of $190,000 but he does not have the full amount so he takes out a hard money loan with Big Lake Funding Corporation. Because the lender sets a 75% loan to value, Greg will be required to put 25% down so the total amount of the note will be $142,500. The note is interest only, with monthly payments, and is for 18 months at 10% interest with 5 origination points paid at closing.
In accordance with the parameters of the loan, Greg will be required to pay a $7,125 origination fee plus 25% of the purchase price, or $47,500, since there is a 75% LTV. he must then pay $1,188 monthly to Big Lake Funding Corporation. At the expiration of the loan, he sells the renovated property for $237,500. After deducting the $21,375 in total interest payments ($1,188 multiplied times 18 months), the $7,125 origination fee, the $142,500 principle on the loan, and the $47,500 he brought to the closing, he will earn a gross profit of $19,000 ($237,500 sales price minus $218,500 in total costs). This profit would be reduced by any building costs paid by the borrow.
Loan Example 2
Susanne is a an investor in Eureka, SD. She locates an older townhouse for a remodeling project and obtains a private money loan from South Side Finance Company with the following paramters:
$190,000 sales price
80% loan-to-value (LTV)
12 month term
8% interest rate
4% origination fee
Susanne intends to list the project when the note expires for $228,000. If she accomplishes her goal, the deal numbers would be as follows:
$228,000 sales price
- $152,000 principle (80% LTV)
- $38,000 cash paid at closing (20% on 80% LTV)
- $6,080 origination points (4% of the $152,000 principle amount)
- $12,160 interest payments (12 months x 8% interest)
-----------------------
= $19,760 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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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Harbor Private Equity
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Dominion Financial
32 S Street
Baltimore, MD 21202
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Secured Investment Lending
1485 International Parkway, Suite 1031
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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
Pine Brook, NJ 07058
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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
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Velocity Mortgage Capital
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AMUSA Commercial Capital
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ABC Capital Investments
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Gokapital Mortgage
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Aegis Funding
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Quickline Capital Partners
4713 Crossroads Park Drive Suite 101
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