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Fix and Flip Loans in Huron, South Dakota
A total of 18 results for fix and flip lenders were found in Huron, SD. Note amounts average around $426,250. The mean rate for private loans in Huron is 11.4%. The average length offered for notes is 38 months. The average note includes a 5.1 percent origination fee. 76% is the typical loan to value offered for offered by lenders in Huron.
Loan Example 1
Nellie is an investor in Huron, SD. She locates a run-down property and wants to renovate it and flip it for a profit. The house costs $230,000 but she does not have the full amount so she takes a fix and flip loan with Oak Hill Finance Corporation. As the lender sets a 80% loan to value, Nellie will need to put 20% down so the principle amount of the note will be $184,000. The note is interest-only, paid monthly, and is for 12 months at 8% interest with 1 origination points to be paid when the deal closes.
Nellie will have to contribute $46,000 to the closing (20% on the 80% loan to value), plus she will need to pay the $1,840 origination fee. The monthly interest-only payments will then total $1,227 to Oak Hill Finance Corporation. If Nellie meets her goal of a $276,000 total sales price when the loan expires, she would collect a total profit of $29,440 after re-paying the principle on the note and subtracting the cash she paid at closing, the origination fee, and the total interest payments.
Loan Example 2
Alvin locates a property in Huron, SD to rehab and resell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Ocean View Investments with the following parameters:
a) A $160,000 sales price, b) a 50% loan to value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 1% origination fee.
Based on a $200,000 sales price after the 18 month term, the outcome for this project would look like this:
$200,000 sales price
- $80,000 principle on note (50% LTV)
- $80,000 down payment (50% on 50% LTV)
- $800 origination points (1% of the $80,000 principle)
- $15,600 total interest paid (18 months x 13% interest)
-----------------------
= $23,600 gross 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!
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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 ...
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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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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
Pine Brook, NJ 07058
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Flip N Fast Loans
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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Velocity Mortgage Capital
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ABC Capital Investments
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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
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Quickline Capital Partners
4713 Crossroads Park Drive Suite 101
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