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Bridge Loans in Brookings, South Dakota
There are 14 lenders offering bridge loans in Brookings, SD. The average loan issued to borrowers is around $442,222. Rates for loans average around 10.9%. 29 months is the average term for notes issued in this city. The average origination fee for the loans is 3.3 percent. Lenders in Brookings average a 71% loan to value on their deals.
Loan Example 1
Tara takes a private money bridge loan from Success Investment Group in order to renovate a townhome to flip in Brookings, SD. The price of the property is $350,000. The borrower will have to fund 30% of the purchase price in cash to closing based on a 70% loan to value set by the lender. This makes the loan principle from Success Investment Group $245,000. The rate on the loan is 12% for a term of 6 months and the company requires a three point origination fee at closing. The interest payments are to be paid monthly and the principle will be returned after the sale of the property.
Tara will have to fund a total of $32,400 upon closing to cover the $105,000 down payment in addition to the $7,350 origination fee. Once the deal is closed and Tara takes the property, she will begin making payments each month of $2,450 to Success Investment Group ($245,000 principle x 12% / 12 months). If Tara sells the house for $472,500 after 6 months, she would make a total profit of $100,450 after deducting the principle of $245,000, the cash paid at closing of $105,000, the origination fee of $7,350, and the total interest payments of $14,700. This amount doesn't account for renovation costs.
Loan Example 2
Success Finance Corporation makes a private money bridge loan to Manuela for a remodeling project in Brookings, SD. The loan includes the following:
a) A $160,000 sales price, b) a 70% loan to value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 1% origination fee.
If Manuela succeeds in her goal of a $192,000 sales price, the outcome of the project will be the following:
$192,000 sales price
- $112,000 note principle (70% LTV)
- $48,000 down payment (30% on 70% LTV)
- $1,120 origination points (1% of the $112,000 principle)
- $16,800 total interest paid (18 months x 10% interest)
-----------------------
= $14,080 total 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
REI Niche Programs - CA NO appraisal 1st position loans - 65% LTV; 2nd position loans - 60% CLTV, NO minimum FICO, Defaults, foreclosure bail-outs, and bankruptcies OK, 6 mo prepay, cross multiple properties, Rural lower LTVs on a case-by-case ...
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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