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Bridge Loans in Worthing, South Dakota
Worthing, SD has 14 hard money bridge lenders offering loans in the city. Note amounts average approximately $506,250. Rates for loans average around 10.4%. The mean term offered for notes is 23 months. The average origination for loans is 4.4 percent. Lenders in Worthing average a 72% loan-to-value on their loans.
Loan Example 1
Juanita closes on a $350,000 rehab project in Worthing, SD, using a hard money bridge loan from East Side Lending Company. The terms of the note include a 65% loan to value (LTV), so she must bring 35% of the price as cash to closing, which makes the principle loan amount $227,500. The loan is interest-only, paid monthly, and is for 18 months at 14% interest with 5 origination points to be paid when the deal closes.
Juanita will have to bring $122,500 at closing (35% on the 65% LTV), plus she will pay the $11,375 origination fee. The monthly interest-only payments will then total $2,654 to the lender. If Juanita sells the project for $455,000 after 18 months, she would then realize a total profit of $45,850 after subtracting the principle amount of $227,500, the money paid at the close of $122,500, the origination fee of $11,375, and the aggregate interest payments of $47,775. This profit does not include renovation costs.
Loan Example 2
Alberta finds a duplex in Worthing, SD to remodel and re-sell. Since she does not have enough cash to buy the property outright, she takes a hard money bridge loan from USA Lending Company with the following parameters:
a) A $150,000 sales price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 1% origination fee.
Assuming a $210,000 sales price at the end of the 6 month term, the final numbers for this project would look like this:
$210,000 sales price
- $105,000 loan principle (70% LTV)
- $45,000 down payment (30% on 70% LTV)
- $1,050 origination points (1% of the $105,000 principle)
- $4,200 interest payments (6 months x 8% interest)
-----------------------
= $54,750 total profit (doesn't 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
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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 ...
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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
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
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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
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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
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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
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Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
20 West Vine Street #575
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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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