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Fix and Flip Loans in Sturgis, South Dakota
A total of 18 results for fix-and-flip lenders were found in Sturgis, SD. The median amount for loans is $335,000. Rates for hard money loans average around 12.5%. 19 months is the median length for loans offered in this city. The average loan offered in the city carries a 4.0 percent origination fee. 79% is the typical loan-to-value (LTV) offered for for loans in Sturgis.
Loan Example 1
Christine is a real estate investor in Sturgis, SD. She discovers a run-down property and decides to renovate it and sell it for a profit. The property costs $290,000 but she doesn't have the full amount so she takes a fix-and-flip loan with Oceanside Investment Corporation. The lender agrees to write a note with a 50% loan-to-value (LTV) so they are willing to loan $145,000 on the property. The parameters of the deal dictate a 11% note for 12 months. They also stipulate a 1 point origination fee, which will also be paid when the property closes.
In accordance with the terms of the loan, Christine will need to pay a $1,450 origination fee plus 50% of the sales price, or $145,000, based on the 50% LTV. After the loan is executed and Christine takes on the property, she will have to begin making monthly payments of $1,329 to the lender ($145,000 principle x 11% / 12 months). At the expiration of the note, she sells the renovated property for $377,000. After deducting the $15,950 in interest expenses ($1,329 times 12 months), the $1,450 origination fee, the $145,000 principle on the note, and the $145,000 she contributed to closing, she will make a gross profit of $69,600 ($377,000 price minus $307,400 in costs). This profit would be reduced by any renovation costs paid by Christine.
Loan Example 2
Lorraine finds a townhouse in Sturgis, SD to renovate and re-sell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from East Shore Investment Company with the following parameters:
a) A $390,000 sales price, b) a 60% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 5% origination fee.
If Lorraine accomplishes her goal of a $487,500 sales price, the numbers of the deal will be the following:
$487,500 sales price
- $234,000 principle (60% LTV)
- $156,000 cash paid at closing (40% on 60% LTV)
- $11,700 origination fee (5% of the $234,000 principle amount)
- $10,530 interest payments (6 months x 9% interest)
-----------------------
= $75,270 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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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
With more than $21B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors (REIs). Kiavi harnesses the power of data & technology to offer REIs a simpler, more reliable, and faster way ...
Harbor Private Equity
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Atlanta, GA 30309
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Dominion Financial
32 S Street
Baltimore, MD 21202
Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
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Center Street Lending
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Irvine, CA 92612
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National Advance Group
1 Linden Place
Great Neck, NY 11021
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...
Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
Stratton Equities is the Leading Nationwide Direct Private Money & NON-QM Mortgage Lender that specializes in fast and flexible lending processes. We have the largest library of private money and NON-QM nationwide loan programs under one roof. Our team is ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
Velocity Mortgage Capital
11241 Willows Rd NE, Suite 120, Bldg C
Redmond, WA 98052
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AMUSA Commercial Capital
301 Commerce Street Ste. 1420
Fort Worth, TX 76102
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ABC Capital Investments
1218 N. Marshall Street
Philadelphia, PA 19122
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Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
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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
Liverpool, NY 13088
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