
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Renner, SD has 15 new construction lenders serving the city. In this city, the average note amount is $400,000. The average rate for loans in Renner is 11.1%. The median term offered for notes is 28 months. The average origination percentage added to loans is 3.0%. The average loan-to-value (LTV) offered for loans in Renner is 76%.
Milagros is a home builder and wants to construct a tri-plex on a land plot in Renner, SD. The lot is listed for $340,000 and Milagros thinks the construction costs for the house will be approximately $150,000. Redwood Finance Company will contribute to the deal at a 70% loan-to-value (LTV) with a 9%, 6 month new construction loan with four origination points paid when the deal closes. They will not enforce a pre-payment penalty and they will pay out the construction costs in a few draws. By this loan scenario, the lender will pay $343,000 of the lot and the construction costs. The borrower will be required to pay $147,000 down, a $13,720 origination fee, and $2,573 per month in loan payments. Milagros's goal is to sell the project for $680,000. If she achieves this, she will pocket a net profit of $160,845 after subtracting all expenses ($343,000 principle amount, $147,000 cash down, $13,720 origination fee and $15,435 for 6 months of interest payments).
Vivian wants to buy a land plot in Renner, SD to build a new duplex to resell it. Since she does not have the money to fund the total project, she obtains a new construction private money loan from East Side Investment Group with these terms:
If her achieves a $1,010,000 re-sell after the 12 months, the numbers for this deal will be as follows:
$1,010,000 sales price
- $450,000 principle (60% LTV)
- $300,000 cash paid at closing (40% on 60% LTV)
- $9,000 origination points (2% of the $450,000 principle)
- $40,500 total interest paid (12 months x 9% interest)
-----------------------
= $210,500 net profit
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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