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Bridge Loans in Renner, South Dakota
Renner, SD has 14 bridge lenders operating in the city. In this city, the mean loan amount is $532,813. Rates on hard money loans issued to Renner borrowers average about 9.8%. The mean loan made in the city has a length of 36 months. The mean note includes a 2.8 point origination cost. The typical loan to value (LTV) for loans in Renner is 75%.
Loan Example 1
Doreen is a real estate investor in Renner, SD. She finds a run-down property for sale and decides to renovate it and sell it for a profit. The house has a cost of $160,000 but she does not have the full amount so she takes out a private money bridge loan with Yellow Sun Finance Company. The loan to value (LTV) on the deal is 80%. This means Doreen will bring 20% of the purchase price to the closing and the principle amount will be $128,000 on the note. The loan also includes the following features: 1) a 18 month term, 2) a 8% interest-only note, and 3) a two percent origination charge.
On top of the $2,560 origination fee, Doreen will also fund $32,000 of the purchase with her own money, or 20% of the purchase price. The monthly interest-only payments will then be $853 to the lender. Doreen's plan is to finish the house by the end of the 18 months and sell it for $216,000. If she succeeds she will collect a gross profit of $38,080 ($216,000 price - $128,000 principle amount - $32,000 cash at closing - $2,560 origination points - $15,360 in total interest.
Loan Example 2
Angel locates a house in Renner, SD to remodel and resell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Flourish Finance Corporation with the following parameters:
a) A $320,000 purchase price, b) a 85% loan to value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 3% origination fee.
Angel intends to list the house at the end of the term for $400,000. If he accomplishes his goal, the outcome will be the following:
$400,000 sales price
- $272,000 note principle (85% LTV)
- $48,000 down payment (15% on 85% LTV)
- $8,160 origination points (3% of the $272,000 principle)
- $13,600 interest payments (6 months x 10% interest)
-----------------------
= $58,240 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 ...
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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