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Bridge Loans in Sturgis, South Dakota
Sturgis, SD has 14 hard money bridge lenders in the city. In this city, the median amount for loans is $368,750. Interest rates for hard money loans average about 10.3%. The median loan issued in this city has a length of 23 months. The average hard money loan made in the city includes a 4.6 point origination fee. The average LTV offered for loans in Sturgis is 69%.
Loan Example 1
Shirley closes on a $310,000 renovation project in Sturgis, SD, using a hard money bridge loan from Superior Investment Group. The lender agrees to issue a loan with a 85% loan to value (LTV) so they are willing to loan $263,500 on the project. The loan is interest-only, with monthly payments, and is for 12 months at 10% interest with 3 points paid at closing.
Therefore, Shirley will be required to contribute a $46,500 down payment plus pay a $7,905 origination fee. After the loan is executed and Shirley takes the project, she will have to begin making monthly payments of $2,196 to Superior Investment Group ($263,500 principle x 10% / 12 months). If Shirley sells the property for $387,500 after 12 months, she would realize a gross profit of $43,245 after subtracting the principle amount of $263,500, the funds contributed at the close of $46,500, the origination points of $7,905, and the total interest payments of $26,350. This gross profit does not include rehab costs.
Loan Example 2
Frontera Funding Group issues a bridge loan to Violet for a remodeling project in Sturgis, SD. The deal dictates the following:
a) A $270,000 purchase price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 1% origination fee.
Assuming a $405,000 sales price after the 18 month term, the outcome for this deal would look like this:
$405,000 sales price
- $229,500 principle (85% LTV)
- $40,500 cash paid at closing (15% on 85% LTV)
- $2,295 origination points (1% of the $229,500 principle amount)
- $48,195 total interest paid (18 months x 14% interest)
-----------------------
= $84,510 total 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 ...
REI Capital
5660 Strand Court
Naples, FL 34110
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
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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