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Bridge Loans in Wessington Springs, South Dakota
There are 14 results for private money bridge lenders operating in Wessington Springs, SD. The average amount loaned is $675,000. The average interest rate for loans in Wessington Springs is 9.6%. The median term offered for loans is 28 months. The mean note includes a 7.7 percent origination charge. 71% is the typical loan to value (LTV) offered for offered by lenders in Wessington Springs.
Loan Example 1
Linda is an investor in Wessington Springs, SD. She finds an older property for sale and decides to rehab it and sell it for a profit. The house costs $290,000 but she doesn't have the full amount so she takes out a bridge loan with West Shore Investment Group. Because the lender agrees to a 70% loan to value, Linda will need to put 30% down and the amount of the loan will be $203,000. The rate on the loan is 11% for a length of 12 months and the company requires a two point origination fee at the close. The interest is to be paid monthly and the principle amount will be repaid after the sale of the property.
By the parameters of the deal, Linda will need to pay a $4,060 origination fee plus 30% of the sales price, or $87,000, based on the 70% LTV. The lender will collect $1,861 in monthly interest payments from the Linda. This is computed by taking the total loan value of $203,000, multiplying that by the 11% rate of interest, and then dividing that number by 12. If Linda sells the rehabed project for $391,500 at the end of the 12 month term, her gross profit (not including rehab costs) would be $75,110. This is computed by taking the purchase price ($391,500) and subtracting the original principle ($203,000), the origination fee ($4,060), the cash she contributed to closing ($87,000), and the total interest payments ($22,330).
Loan Example 2
Edward takes a hard money bridge loan from Deep Lake Finance so he can remodel a townhouse to flip in Wessington Springs, SD. The loan has the following terms:
$390,000 sales price
60% loan to value (LTV)
6 month term
11% rate of interest
3% origination fee
If Edward achieves his goal of a $585,000 sales price, the outcome of the project will be the following:
$585,000 sales price
- $234,000 principle (60% LTV)
- $156,000 cash paid at closing (40% on 60% LTV)
- $7,020 origination points (3% of the $234,000 principle)
- $12,870 total interest paid (6 months x 11% interest)
-----------------------
= $175,110 gross 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 ...
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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