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Fix and Flip Loans in Rapid City, South Dakota
There are 16 fix-and-flip lenders offering loans in Rapid City, SD. Note amounts average about $568,750. Rates for hard money loans average about 11.5%. 24 months is the average term for notes issued in the city. The mean loan includes a 2.8 point origination cost. Lenders in Rapid City average a 73% loan-to-value (LTV) on their loans.
Loan Example 1
Assurance Funding Corporation issues a fix and flip loan to Theresa for a remodeling project in Rapid City, SD, on a house that costs $260,000. The terms of the note include a 65% loan to value (LTV), so she must contribute 35% of the price as cash at closing, which makes the principle loan amount $169,000. The note is interest-only, paid monthly, and is for 18 months at 13% interest with 2 origination points paid when the deal closes.
Accordingly, Theresa will need to contribute a $91,000 down payment in addition to paying a $3,380 origination fee. Assurance Funding Corporation will collect $1,831 in monthly interest from the Theresa. This is computed by taking the total note value of $169,000, multiplying by the 13% interest rate, and then dividing that amount by 12. Theresa's plan is to complete the remodel by the end of the 18 months and re-sell it for $377,000. If she succeeds she will earn a total profit of $80,665 ($377,000 price - $169,000 principle amount - $91,000 down payment - $3,380 origination points - $32,955 in total interest payments.
Loan Example 2
Cornelia takes out a fix and flip loan from Presitge Funding Company so she can remodel a townhouse to flip in Rapid City, SD. The deal has the following parameters:
$330,000 purchase price
55% loan-to-value (LTV)
6 month term
9% interest rate
5% origination fee
Assuming a $478,500 sales price at the end of the 6 month term, the final numbers for this deal would look like this:
$478,500 sales price
- $181,500 loan principle (55% LTV)
- $148,500 cash paid at closing (45% on 55% LTV)
- $9,075 origination fee (5% of the $181,500 principle)
- $8,168 total interest paid (6 months x 9% interest)
-----------------------
= $131,258 gross profit (doesn't include taxes or renovation costs)
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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 ...
Dominion Financial
32 S Street
Baltimore, MD 21202
Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C ...
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 ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...
National Advance Group
1 Linden Place
Great Neck, NY 11021
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
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 ...
AMUSA Commercial Capital
301 Commerce Street Ste. 1420
Fort Worth, TX 76102
AMUSA Commercial Capital is a Dallas, TX based private money lender. They provide funding throughout the country. Their lending focus is mainly on non-bankable commercial real estate loans and Investment 1 to 4 loans. Their loan guidelines are flexible, including ...
ABC Capital Investments
1218 N. Marshall Street
Philadelphia, PA 19122
ABC Capital Investments is a Philadelphia, PA based private lender who offers loans all throughout the US. They provide lending solutions for many different scenarios, including long term rental property loans and short term fix and flip loans. ...
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 ...
Aegis Funding
2100 Main Street, suite 265
Huntington Beach, CA 92648
Aegis Funding is hard money lender based in Huntington Beach, CA. They provide loans throughout California. They offer lending solutions for a variety of needs and situations, including fix and flip loans and long term rental property loans. They issue ...
Quickline Capital Partners
4713 Crossroads Park Drive Suite 101
Liverpool, NY 13088
Quickline Capital Partners is a Syracuse, NY based private lender providing loans across the US. They offer loans for a variety of scenarios, including fix and flip loans and commercial hard money loans. Their lending parameters are flexible, including terms ...
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