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Bridge Loans in Spencer, South Dakota
There are 14 hard money lenders serving Spencer, SD. Loan amounts average around $598,125. Rates on loans made to Spencer investors average 10.7%. 23 months is the mean term for loans made in the city. The mean origination for the loans is 3.5 percent. The typical loan to value for loans in Spencer is 75%.
Loan Example 1
Evelyn finds a duplex in Spencer, SD to renovate and sell. Since she does not have enough cash on-hand to purchase the $290,000 project outright, she takes out a private money bridge loan from Reliance Finance Group. The lender agrees to issue a loan with a 80% loan to value (LTV) so they will loan $232,000 on the house. The loan is interest only, with monthly payments, and is for 18 months at 9% interest with 4 points to be paid when the deal closes.
Evelyn will have to bring a total of $32,400 upon closing to cover the $58,000 down payment in addition to the $9,280 origination fee. After the deal closes, she will need to pay the lender $1,740 in monthly interest payments, or 9% times $232,000 divided by 12 months in the year. Evelyn's plan is to finish the project by the end of the 18 months and sell it for $435,000. If she succeeds she will collect a gross profit of $104,400 ($435,000 price - $232,000 principle - $58,000 funds brough to closing - $9,280 origination points - $31,320 in total interest payments.
Loan Example 2
Angel locates a duplex in Spencer, 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 Rehabbers Investment Group with the following parameters:
$160,000 purchase price
65% loan to value (LTV)
6 month term
12% interest rate
1% origination fee
Angel intends to list the property at the end of the term for $200,000. If he accomplishes his goal, the outcome would be as follows:
$200,000 sales price
- $104,000 principle on note (65% LTV)
- $56,000 down payment (35% on 65% LTV)
- $1,040 origination fee (1% of the $104,000 principle amount)
- $6,240 total interest paid (6 months x 12% interest)
-----------------------
= $32,720 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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