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Fix and Flip Loans in Egan, South Dakota
Egan, SD has 16 fix and flip hard money lenders serving the city. The mean amount for loans in the city is $398,334. Interest rates on private loans issued to Egan investors average about 11.1%. The mean length offered for loans is 30 months. The mean origination percentage charged for loans is 3.4%. 71% is the mean LTV offered for for loans in Egan.
Loan Example 1
Coastal Funding Corporation issues a fix and flip loan to Misty for a renovation project in Egan, SD, on a property that is listed for $310,000. The terms of the loan include a 80% loan-to-value (LTV), so she must bring 20% of the price as cash at closing, making the principle loan amount $248,000. The interest rate on the note is 8% for a length of 12 months and the lender requires a one point origination fee at the closing. The interest payments are to be paid monthly and the principle amount will be paid back after the property sells.
Accordingly, the borrower will need to contribute a $62,000 down payment in addition to paying a $2,480 origination fee. After the deal closes, she will need to pay the lender $1,653 in monthly interest fees, or 8% times $248,000 divided by 12 months in a year. At the end of the loan, she sells the renovated property for $372,000. After subtracting the $19,840 in interest expenses ($1,653 times 12 months), the $2,480 origination fee, the $248,000 principle on the loan, and the $62,000 she brought to the closing, she will make a gross profit of $39,680 ($372,000 price minus $332,320 in costs). This profit would then be reduced by any building costs paid by the borrow.
Loan Example 2
Trust Funding Company makes a hard money loan to Shawna for a remodeling project in Egan, SD. The deal includes the following:
a) A $210,000 purchase price, b) a 60% loan to value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 3% origination fee.
Shawna plans to list the house at the end of the term for $262,500. If she achieves this goal, the outcome would be as follows:
$262,500 sales price
- $126,000 loan principle (60% LTV)
- $84,000 down payment (40% on 60% LTV)
- $3,780 origination points (3% of the $126,000 principle)
- $24,570 total interest paid (18 months x 13% interest)
-----------------------
= $24,150 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 ...
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 ...
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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