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Fix and Flip Loans in Colton, South Dakota
Colton, SD has 16 fix and flip lenders operating in the city. The mean amount loaned is $689,286. Interest rates for hard money loans average 11.1%. The typical loan made in the city has a length of 21 months. The average origination fee for the loans is 3.1 percent. Lenders typically offer a 73% loan to value on hard money loans in Colton.
Loan Example 1
Rick finds a townhome in Colton, SD to flip and resell. Since he doesn't have enough cash on-hand to acquire the $210,000 house outright, he takes out a private money loan from Oak Hill Lending. The loan-to-value (LTV) on the loan is 75%. This means that Rick will need to bring 25% of the sales price to the closing and the principle amount will be $157,500 on the loan. The rate on the note is 12% for a length of 6 months and the company requires a two point origination fee at closing. The interest is to be paid monthly and the principle amount will be paid back after the sale of the property.
Rick will have to contribute a total of $32,400 up front to cover the $52,500 down payment in addition to the $3,150 origination fee. Once the deal closes, he will have to pay Oak Hill Lending $1,575 in monthly interest fees, or 12% multiplied by $157,500 divided by 12 months in the year. At the expiration of the note, he sells the rehabed house for $262,500. After subtracting the $9,450 in interest payments ($1,575 multiplied by 6 months), the $3,150 origination fee, the $157,500 principle amount on the note, and the $52,500 he contributed to the closing, he will earn a gross profit of $39,900 ($262,500 price minus $222,600 in costs). This profit would be reduced by any rehab costs paid by Rick.
Loan Example 2
Leroy is a real estate investor in Colton, SD. He purchases an older townhouse for a renovation project and takes out a fix and flip loan from Mountain Rock Funding Corporation with the following terms:
$230,000 purchase price
50% loan to value (LTV)
12 month term
9% interest rate
4% origination fee
Leroy intends to list the house at the end of the term for $276,000. If he accomplishes his goal, the final numbers would be as follows:
$276,000 sales price
- $115,000 principle on note (50% LTV)
- $115,000 cash paid at closing (50% on 50% LTV)
- $4,600 origination fee (4% of the $115,000 principle)
- $10,350 total interest paid (12 months x 9% interest)
-----------------------
= $31,050 total profit (doesn't include taxes or rehab 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 ...
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 ...
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. ...
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 ...
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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