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New Construction Loans in Nunda, South Dakota
There are 15 new construction hard money lenders operating in Nunda, SD. The mean note issued is approximately $472,500. Interest rates for private loans average about 11.4%. 14 months is the mean term for loans issued in the city. The average hard money loan made in the city includes a 3.6 point origination fee. The average loan to value offered for loans in Nunda is 78%.
Loan Example 1
Phyllis is a real estate investor and she decides to purchase a lot in Nunda, SD to construct a new tri-plex. The lot is listed for $230,000 and Phyllis estimates that the construction costs for the house will be about $400,000. She takes out a construction loan from All State Funding with these stipulations: 1) a 6 month note at 13% interest, 2) interest-only payments made monthly, 3) 3 origination points at the closing by the borrower, and 4) a 70% loan to value (LTV) on the lot and the construction costs. Phyllis will receive the construction costs in draws and there won't be a pre-payment penalty if she repays the note prior to the expiration. Given the specifications of this note, Phyllis will have to fund $189,000 plus $13,230 in origination fees at the closing, then will begin making $4,778 monthly payments. Phyllis's goal is to sell the home for $810,000. If she succeeds, she will earn a total profit of $138,105 after deducting all costs ($441,000 principle amount, $189,000 cash down, $13,230 origination charges and $28,665 for 6 months of interest payments).
Loan Example 2
Deana is a home builder who decides to build a single family home on a vacant lot in Nunda, SD. To fund the transaction, she obtains a construction loan from Urban Investment Corporation with these terms:
- $150,000 sales price for the vacant lot
- $300,000 in construction costs
- 75% loan-to-value (LTV)
- 18 month term
- 9% interest rate
- 3% origination fee
Deana wants to list the project at the end of the term for $600,000. If she achieves her goal, the deal numbers will be the following:
$600,000 sales price
- $337,500 principle on note (75% LTV)
- $112,500 down payment (25% on 75% LTV)
- $10,125 origination fee (3% of the $337,500 principle)
- $45,563 interest payments (18 months x 9% interest)
-----------------------
= $94,313 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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