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Bridge Loans in Aberdeen, South Dakota
A total of 14 results for hard money bridge lenders were found in Aberdeen, SD. The median amount for loans is $418,750. Rates for hard money loans average around 11.2%. 16 months is the median length for loans offered in this city. The average loan offered in the city carries a 2.5 percent origination fee. 75% is the typical loan-to-value (LTV) offered for for loans in Aberdeen.
Loan Example 1
Leonard finds a house in Aberdeen, SD to remodel and resell. Since he does not have enough cash on-hand to acquire the $180,000 project outright, he decides to take out a private money bridge loan from Presitge Lending. The terms of the deal include a 60% loan to value (LTV), so he must bring 40% of the price as cash at closing, making the principle loan amount $108,000. The parameters of the deal dictate a 11% note for 6 months. They also require a 5 point origination fee, that will also have to be paid at closing.
In addition to paying the $5,400 origination fee, Leonard will also fund $72,000 of the purchase with his own cash, or 40% of the sales price. The monthly interest only payments will then be $990 to Presitge Lending. Assuming he sells the renovated house for $252,000 at the end of the 6 month term, his gross profit (not including rehab costs) would be $60,660. This is computed by taking the sales price ($252,000) and subtracting the principle ($108,000), the origination cost ($5,400), the cash he brought to closing ($72,000), and the total interest expenses ($5,940).
Loan Example 2
Lloyd finds a property in Aberdeen, SD to renovate and re-sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from Smith Funding Company with the following parameters:
a) A $250,000 sales price, b) a 70% loan to value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 2% origination fee.
Based on a $362,500 sales price after the 18 month term, the final numbers for the project would look like the following:
$362,500 sales price
- $175,000 loan principle (70% LTV)
- $75,000 cash paid at closing (30% on 70% LTV)
- $3,500 origination points (2% of the $175,000 principle)
- $36,750 total interest paid (18 months x 14% interest)
-----------------------
= $72,250 gross profit (does not include taxes or renovation costs)
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...
Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
Stratton Equities is the Leading Nationwide Direct Private Money & NON-QM Mortgage Lender that specializes in fast and flexible lending processes. We have the largest library of private money and NON-QM nationwide loan programs under one roof. Our team is ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
REI Capital
5660 Strand Court
Naples, FL 34110
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
Gokapital, Inc. is a Miami, FL based private lender who provides funding all throughout the US.Providing lending solutions for a variety of situations, including loans for rental properties, cash out, hard money loans, fix-and-flip loans, hard money loans for commercial ...
Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
Edward Voccola & Co is hard money lender based in Boston, MA. They provide funding all throughout the US. They provide lending solutions for a variety of scenarios, including builder loans, hard money bridge loans, and ...
11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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