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New Construction Loans in Rowena, South Dakota
There are 14 records for new construction lenders operating in Rowena, SD. The median loan issued is about $550,000. Rates on private loans made to Rowena borrowers average around 11.7%. The mean length offered for loans is 18 months. The average origination fee for loans is 3.9 points. 74% is the median loan to value (LTV) offered for for loans in Rowena.
Loan Example 1
Fernando is an investor and decides to acquire a vacant lot in Rowena, SD to build a house. Fernando thinks the building expenses will be about $200,000 and the lot costs $400,000. In order to pay for the project, he takes out a new construction loan from Trust Funding Group. They contract to make a note with a 9% rate of interest for 6 months and 2 origination points to be paid at closing. Additionally, they agree to loan 55% of the cumulative expenses (the loan-to-value / "LTV"). Fernando will collect the building expenses in draws and there won't be a pre-payment penalty if he re-pays the note before it expires. Given this deal scenario, Fernando will have to pay the following expenses: 1) $270,000 cash down (by the 55% LTV), 2) a $6,600 origination fee ($330,000 loan principle x 2%), and 3) $2,475 monthly interest payments. If Fernando sells the house for $720,000 he will earn a total profit of $98,550 after re-paying the principle amount and subtracting the origination fee and cumulative interest payments.
Loan Example 2
Edward is an investor who decides to construct a tri-plex on a lot in Rowena, SD. Because he doesn't have enough cash to fund the total purchase, he obtains a construction hard money loan from GJ Finance Group with the following parameters:
a) A $360,000 sales price for the land, b) $400,000 in construction costs, c) an 75% loan-to-value (LTV), d) a 18 month term, e) a 14% interest rate, and f) a 5% origination fee.
After the construction is complete, if Edward sells the property for $910,000, the final numbers will be as follows:
$910,000 sales price
- $570,000 loan principle (75% LTV)
- $190,000 down payment (25% on 75% LTV)
- $28,500 origination fee (5% of the $570,000 principle)
- $119,700 interest payments (18 months x 14% interest)
-----------------------
= $1,800 total 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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