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Fix and Flip Loans in Spearfish, South Dakota
There are 16 fix and flip hard money lenders serving Spearfish, SD. In this city, the median amount loaned is $437,813. Interest rates for loans average about 10.5%. The mean length for loans is 37 months. The mean origination percentage applied to the loans is 2.6%. The mean loan to value for loans in Spearfish is 74%.
Loan Example 1
Silvia is an investor in Spearfish, SD. She finds a run-down property and wants to remodel it and flip it for a profit. The house has a cost of $370,000 but she does not have the full amount so she takes a private money loan with Oak Hill Lending. The terms of the loan include a 55% loan-to-value (LTV), so she must contribute 45% of the price as cash to closing, which makes the principle loan amount $203,500. The loan also includes these features: 1) a 12 month length, 2) a 14% interest-only note, and 3) a three percent origination charge.
By the parameters of the loan, Silvia will need to contribute a $6,105 origination fee in addition to 45% of the sales price, or $166,500, based on the 55% LTV. Oak Hill Lending will collect $2,374 in monthly interest payments from the Silvia. This is computed by taking the total note value of $203,500, multiplying by the 14% rate of interest, and then dividing that number by 12. At the expiration of the loan, she sells the rehabed house for $555,000. After deducting the $28,490 in interest expenses ($2,374 times 12 months), the $6,105 origination fee, the $203,500 principle on the loan, and the $166,500 she brought to the closing, she will earn a total profit of $150,405 ($555,000 sales price minus $404,595 in costs). This amount would then be reduced by any renovation costs paid out of pocket.
Loan Example 2
Prosperity Funding Corporation issues a fix and flip loan to Pam for a renovation project in Spearfish, SD. The deal dictates the following:
$220,000 purchase price
65% loan-to-value (LTV)
6 month term
8% interest rate
3% origination fee
If Pam achieves her goal of a $330,000 sales price, the outcome of the project would be as follows:
$330,000 sales price
- $143,000 loan principle (65% LTV)
- $77,000 cash paid at closing (35% on 65% LTV)
- $4,290 origination fee (3% of the $143,000 principle)
- $5,720 interest payments (6 months x 8% interest)
-----------------------
= $99,990 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 ...
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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