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Bridge Loans in Oldham, South Dakota
There are 14 hard money lenders serving Oldham, SD. The average amount loaned is $578,125. Rates on loans issued to Oldham borrowers average about 11.5%. The median term for loans is 20 months. The mean points added to loans is 2.5%. 73% is the typical loan to value for offered by lenders in Oldham.
Loan Example 1
Victory Investment Corporation makes a bridge loan to Jenifer for a renovation project in Oldham, SD, on a house that costs $330,000. The borrower will need to contribute 15% of the sales price in cash to closing based on a 85% loan-to-value stipulated by the lending company. This makes the principle amount from Victory Investment Corporation $280,500. The loan is interest only, with monthly payments, and is for 6 months at 10% interest with 5 origination points paid at the closing.
According to the terms of the note, Jenifer will have to pay a $14,025 origination fee in addition to 15% of the sales price, or $49,500, since there is a 85% LTV. After the loan is executed and Jenifer takes over the property, she will need to begin making payments each month of $2,338 to the lender ($280,500 principle x 10% / 12 months). At the end of the loan, she sells the renovated house for $462,000. After subtracting the $14,025 in interest expenses ($2,338 times 6 months), the $14,025 origination fee, the $280,500 principle on the loan, and the $49,500 she contributed to closing, she will make a gross profit of $103,950 ($462,000 sales price minus $358,050 in costs). This amount would then be reduced by any rehab costs paid by Jenifer.
Loan Example 2
Darrell finds a property in Oldham, SD to rehab and re-sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from Acme Finance Corporation with the following parameters:
$260,000 sales price
70% loan-to-value (LTV)
12 month term
11% rate of interest
3% origination fee
If Darrell achieves his goal of a $338,000 sales price, the final numbers of the project would be as follows:
$338,000 sales price
- $182,000 note principle (70% LTV)
- $78,000 cash paid at closing (30% on 70% LTV)
- $5,460 origination points (3% of the $182,000 principle)
- $20,020 interest payments (12 months x 11% interest)
-----------------------
= $52,520 total profit (doesn't include taxes or rehab costs)
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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 ...
Roc Capital
645 Madison Ave
New York City, NY 10022
Headquartered in New York, NY, Roc Capital is a lender offering loans all across the United States. They offer fix-and-flip loans, private refinancing, bridge loans, and commercial loans. Their loan guidelines are flexible, including rates starting at 7.49% , loan ...
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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