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Fix and Flip Loans in Tea, South Dakota
Tea, SD has 18 fix-and-flip hard money lenders operating within the city. The mean amount for loans is $293,750. The mean rate for hard money loans in Tea is 12.1%. 38 months is the mean term for notes issued in the city. The mean origination fee charged on loans is 3.2%. 74% is the average loan-to-value for for loans in Tea.
Loan Example 1
Kathryn is a house flipper in Tea, SD. She discovers a run-down property and wants to renovate it and sell it for a profit. The house has a cost of $180,000 but she does not have the full amount so she obtains a fix and flip loan with Acme Finance Company. The loan-to-value (LTV) on the note is 60%. This means that Kathryn will have to bring 40% of the sales price to the closing and the principle amount will be $108,000 on the loan. The note is interest only, with monthly payments, and is for 12 months at 13% interest with 3 points to be paid at the closing.
Kathryn will need to contribute $72,000 at closing (40% on the 60% LTV), plus she will pay the $3,240 origination fee. After the deal closes, she will pay the lender $1,170 in monthly interest payments, or 13% multiplied times $108,000 divided by 12 months in a year. At the expiration of the loan, she sells the rehabed house for $252,000. After deducting the $14,040 in interest payments ($1,170 multiplied times 12 months), the $3,240 origination fee, the $108,000 principle amount on the loan, and the $72,000 she contributed to the closing, she will make a total profit of $54,720 ($252,000 price minus $197,280 in total costs). This amount would then be reduced by any rehab costs paid by Kathryn.
Loan Example 2
Boom Funding makes a loan to Yvette for a rehab project in Tea, SD. The loan includes the following:
$310,000 sales price
85% loan to value (LTV)
12 month term
9% rate of interest
4% origination fee
Based on a $403,000 sales price at the end of the 12 month term, the final numbers for the project would look like this:
$403,000 sales price
- $263,500 note principle (85% LTV)
- $46,500 down payment (15% on 85% LTV)
- $10,540 origination fee (4% of the $263,500 principle amount)
- $23,715 total interest paid (12 months x 9% interest)
-----------------------
= $58,745 total profit (doesn't 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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