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Bridge Loans in Emery, South Dakota
Emery, SD has 14 hard money lenders serving the city. The median note amount in the city is $318,750. Interest rates for loans average 10.8%. The mean note issued in this city has a term of 27 months. The average origination percentage added to loans is 2.8%. Lenders offer on average a 72% LTV on hard money loans in Emery.
Loan Example 1
Ida finds a house in Emery, SD to remodel and re-sell. Since she does not have enough cash to purchase the $310,000 property outright, she takes out a hard money bridge loan from Forest Grove Investment Corporation. The loan-to-value (LTV) on the note is 60%. This means that Ida will have to bring 40% of the purchase price to closing and the principle will be $186,000 on the note. The deal also consists of the following features: 1) a 18 month length, 2) a 11% interest-only note, and 3) a five point origination fee.
The borrower will need to contribute a total of $32,400 upon closing to pay the $124,000 down payment in addition to the $9,300 origination fee. she must then pay $1,705 monthly to Forest Grove Investment Corporation. If Ida sells the house for $387,500 after 18 months, she would earn a gross profit of $37,510 after deducting the original principle of $186,000, the cash paid at closing of $124,000, the origination fee of $9,300, and the total interest payments of $30,690. This profit does not account for remodeling costs.
Loan Example 2
Randy locates a house in Emery, SD to remodel and sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Blue Square Funding with the following parameters:
a) A $370,000 sales price, b) a 55% loan to value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 3% origination fee.
Once the renovation project is completed, if Randy sells the project for $536,500, the outcome would be as follows:
$536,500 sales price
- $203,500 principle on note (55% LTV)
- $166,500 cash paid at closing (45% on 55% LTV)
- $6,105 origination points (3% of the $203,500 principle amount)
- $30,525 total interest paid (18 months x 10% interest)
-----------------------
= $129,870 total profit (doesn't 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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