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Fix and Flip Loans in Mitchell, South Dakota
There are 18 fix-and-flip lenders operating in Mitchell, SD. The mean loan amount in this city is $376,500. Interest rates for hard money loans average 10.5%. The median term offered for notes is 24 months. The average origination for the loans is 9.0 percent. The average loan to value offered for loans in Mitchell is 74%.
Loan Example 1
Lynne closes on a $210,000 renovation project in Mitchell, SD, using a fix and flip loan from Sunrise Investment Company. The borrower will have to bring 35% of the sales price in cash to the closing based on a 65% loan-to-value set by the lender. This makes the principle amount from Sunrise Investment Company $136,500. The terms of the deal also stipulate a four percent origination fee which will be paid at the closing and a 12 month, interest only note with a 10% rate of interest.
Lynne will need to contribute a total of $32,400 up front to cover the $73,500 down payment plus the $5,460 origination fee. Once the loan closes, she will pay the lender $1,138 in monthly interest fees, or 10% times $136,500 divided by 12 months in a year. Lynne's plan is to finish the house within the 12 months and sell it for $315,000. If she succeeds she will make a profit of $85,890 ($315,000 price - $136,500 principle amount - $73,500 cash paid at closing - $5,460 origination fee - $13,650 in interest.
Loan Example 2
Jo is a an investor in Mitchell, SD. She locates a run-down property for a renovation project and takes out a fix and flip loan from Advanced Lending Group with the following terms:
a) A $190,000 purchase price, b) a 85% loan-to-value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 2% origination fee.
Jo plans to sell the house at the end of the term for $275,500. If she succeeds, the final numbers would be the following:
$275,500 sales price
- $161,500 note principle (85% LTV)
- $28,500 cash paid at closing (15% on 85% LTV)
- $3,230 origination points (2% of the $161,500 principle)
- $26,648 total interest paid (18 months x 11% interest)
-----------------------
= $55,623 total profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
With more than $21B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors (REIs). Kiavi harnesses the power of data & technology to offer REIs a simpler, more reliable, and faster way ...
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 ...
Center Street Lending
18201 Von Karman, Suite 400
Irvine, CA 92612
Center Street Lending is a private lender headquartered in Irvine, CA offering loans throughout the country. We provide hard money loans for business purpose and non-owner occupied residential properties. Fix and flip, buy and hold, rental property loans, bridge and ...
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 ...
Velocity Mortgage Capital
11241 Willows Rd NE, Suite 120, Bldg C
Redmond, WA 98052
Velocity Mortgage Capital is a wholesale, nationwide lender for asset-based, investment real estate, lending since 2004. We never look at the tax returns or personal income statements of our borrowers. Instead, our focus is the income producing potential of the ...
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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