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Fix and Flip Loans in Vermillion, South Dakota
A total of 18 results for fix and flip lenders were found in Vermillion, SD. The mean loan issued is about $309,286. Rates on loans made to Vermillion investors average around 10.6%. The average length offered for notes is 15 months. The mean points charged for loans is 3.3%. Lenders typically offer a 73% loan to value (LTV) on hard money loans in Vermillion.
Loan Example 1
Velma closes on a $250,000 rehab project in Vermillion, SD, using a fix-and-flip loan from Success Finance Company. The loan to value (LTV) on the loan is 55%. This means that Velma will have to bring 45% of the sales price to closing and the principle will be $137,500 on the deal. The rate on the loan is 12% for a length of 6 months and the company requires a four point origination fee at closing. The interest is to be paid on a monthly basis and the principle will be repaid after the property sells.
On top of the $5,500 origination fee, Velma will also fund $112,500 of the purchase with her own funds, or 45% of the sales price. Once the deal is closed and Velma takes on the project, she will need to begin making payments each month of $1,375 to the lender ($137,500 principle x 12% / 12 months). Assuming she sells the renovated project for $337,500 at the end of the 6 month term, her gross profit (not including renovation costs) would be $73,750. This is computed by taking the sales price ($337,500) and subtracting the principle ($137,500), the origination fee ($5,500), the cash she contributed to closing ($112,500), and the total interest payments ($8,250).
Loan Example 2
George takes a loan from East Side Finance Group so he can remodel a townhouse to resell in Vermillion, SD. The deal has the following terms:
$310,000 sales price
80% loan-to-value (LTV)
6 month term
11% interest rate
5% origination fee
After the rehab project is finished, if George sells the project for $465,000, the final numbers would be the following:
$465,000 sales price
- $248,000 note principle (80% LTV)
- $62,000 cash paid at closing (20% on 80% LTV)
- $12,400 origination fee (5% of the $248,000 principle amount)
- $13,640 interest payments (6 months x 11% interest)
-----------------------
= $128,960 gross 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
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Pittsburgh, PA 15212
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Dominion Financial
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American Land and Capital
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National Advance Group
1 Linden Place
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Stratton Equities
28 Bloomfield Avenue
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4445 Corporation Ln Suite 264
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New Silver
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Roc 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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