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Bridge Loans in Sinai, South Dakota
There are 14 lenders serving Sinai, SD. The average note issued to borrowers is approximately $468,056. Interest rates for loans average about 10.8%. The average term for notes is 20 months. The average note includes a 2.4 point origination fee. Lenders typically offer a 77% loan to value on deals in Sinai.
Loan Example 1
Therese is an investor in Sinai, SD. She finds an older property and decides to rehab it and flip it for a profit. The property costs $370,000 but she does not have the full amount so she takes out a bridge loan with Oceanside Finance Group. The lender agrees to make a loan with a 65% loan-to-value (LTV) so they will loan $240,500 on the project. The loan also includes the following features: 1) a 12 month length, 2) a 8% interest only note, and 3) a one percent origination charge.
Therese must fund a total of $32,400 up front to pay the $129,500 down payment plus the $2,405 origination fee. Once the loan is closed and Therese takes over the project, she will need to begin making payments each month of $1,603 to Oceanside Finance Group ($240,500 principle x 8% / 12 months). If Therese achieves her goal of a $518,000 sales price when the loan expires, she would collect a gross profit of $126,355 after re-paying the principle on the note and deducting the cash she contributed at closing, the origination fee, and the monthly interest payments.
Loan Example 2
Byron finds a property in Sinai, SD to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from East End Funding Corporation with the following parameters:
a) A $260,000 sales price, b) a 50% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 4% origination fee.
Based on a $351,000 sales price at the end of the 12 month term, the final numbers for the project would look like the following:
$351,000 sales price
- $130,000 note principle (50% LTV)
- $130,000 cash paid at closing (50% on 50% LTV)
- $5,200 origination points (4% of the $130,000 principle)
- $14,300 interest payments (12 months x 11% interest)
-----------------------
= $71,500 gross profit (does not include taxes or rehab 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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