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Fix and Flip Loans in Yankton, South Dakota
There are 18 fix-and-flip lenders operating in Yankton, SD. The median loan amount is $333,334. Rates for hard money loans average 11.2%. The typical note issued in this city is 21 months in length. The average origination fee charged on the loans is 2.5%. The typical loan-to-value (LTV) offered for loans in Yankton is 80%.
Loan Example 1
Hilda takes a private money loan from J & T Finance Corporation in order to remodel a townhouse to flip in Yankton, SD. The sales price of the property is $360,000. The lender agrees to write a note with a 85% loan to value (LTV) so they will extend $306,000 on the property. The interest rate on the loan is 12% for a length of 6 months and the company requires a three point origination fee at the closing. The interest is to be paid monthly and the principle amount will be repaid after the sale of the property.
Hilda will need to contribute $54,000 to the closing (15% on the 85% loan-to-value), plus she will have to pay the $9,180 origination fee. After the deal is executed and Hilda takes over the project, she will have to begin making monthly payments of $3,060 to J & T Finance Corporation ($306,000 principle x 12% / 12 months). At the expiration of the note, she sells the renovated property for $540,000. After subtracting the $18,360 in total interest payments ($3,060 times 6 months), the $9,180 origination fee, the $306,000 principle amount on the note, and the $54,000 she brought to closing, she will make a total profit of $152,460 ($540,000 sales price minus $387,540 in total costs). This amount would be reduced by any renovation costs paid by the borrow.
Loan Example 2
Mitchell finds a house in Yankton, SD to remodel and sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Redwood Lending Corporation with the following parameters:
$310,000 purchase price
55% loan to value (LTV)
12 month term
13% interest rate
1% origination fee
If Mitchell accomplishes his goal of a $465,000 sales price, the final numbers of the project will be the following:
$465,000 sales price
- $170,500 principle on note (55% LTV)
- $139,500 cash paid at closing (45% on 55% LTV)
- $1,705 origination points (1% of the $170,500 principle amount)
- $22,165 total interest paid (12 months x 13% interest)
-----------------------
= $131,130 total 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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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Dominion Financial
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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
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New Silver
2475 Albany Ave #203B
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Velocity Mortgage 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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