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Fix and Flip Loans in Oldham, South Dakota
We found 18 records for fix-and-flip hard money lenders offering loans in Oldham, SD. The median note amount is $384,500. Rates on private loans issued to Oldham investors average around 10.5%. The mean length for notes is 25 months. The mean loan includes a 9.7 point origination fee. The typical LTV for loans in Oldham is 76%.
Loan Example 1
Sheryl is an investor in Oldham, SD. She finds a run-down property and wants to remodel it and sell it for a profit. The house costs $270,000 but she doesn't have the full amount so she takes a fix and flip loan with Trust Funding Company. The terms of the deal include a 50% loan to value (LTV), so she must contribute 50% of the price as cash to closing, making the principle note amount $135,000. The terms of the note also stipulate a two point origination fee that is to be paid at closing and a 18 month, interest-only note with a 12% interest rate.
Sheryl will need to contribute $135,000 at closing (50% on the 50% loan-to-value), plus she will need to pay the $2,700 origination fee. The monthly interest-only payments will then total $1,350 to the lender. If she sells the remodeled house for $378,000 at the end of the 18 month term, her total profit (not accounting for rehab costs) would be $81,000. This is calculated by taking the sales price ($378,000) and subtracting the principle ($135,000), the origination cost ($2,700), the cash she contributed to closing ($135,000), and the total interest expenses ($24,300).
Loan Example 2
Ericka takes out a private money loan from South End Funding so she can renovate a townhome to re-sell in Oldham, SD. The deal has the following parameters:
$340,000 purchase price
70% loan-to-value (LTV)
12 month term
8% rate of interest
3% origination fee
Once the rehab project is finished, if Ericka sells the project for $442,000, the outcome would be as follows:
$442,000 sales price
- $238,000 principle (70% LTV)
- $102,000 cash paid at closing (30% on 70% LTV)
- $7,140 origination points (3% of the $238,000 principle)
- $19,040 interest payments (12 months x 8% interest)
-----------------------
= $75,820 total profit (does not 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!
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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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National Advance Group
1 Linden Place
Great Neck, NY 11021
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American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
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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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REI Capital
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ABC Capital Investments
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Gokapital Mortgage
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Aegis Funding
2100 Main Street, suite 265
Huntington Beach, CA 92648
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Quickline Capital Partners
4713 Crossroads Park Drive Suite 101
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