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Fix and Flip Loans in Tea, South Dakota
Tea, SD has 16 fix-and-flip hard money lenders operating within the city. The mean amount for loans is $293,750. The mean rate for hard money loans in Tea is 12.1%. 38 months is the mean term for notes issued in the city. The mean origination fee charged on loans is 3.2%. 74% is the average loan-to-value for for loans in Tea.
Loan Example 1
Kathryn is a house flipper in Tea, SD. She discovers a run-down property and wants to renovate it and sell it for a profit. The house has a cost of $180,000 but she does not have the full amount so she obtains a fix and flip loan with Acme Finance Company. The loan-to-value (LTV) on the note is 60%. This means that Kathryn will have to bring 40% of the sales price to the closing and the principle amount will be $108,000 on the loan. The note is interest only, with monthly payments, and is for 12 months at 13% interest with 3 points to be paid at the closing.
Kathryn will need to contribute $72,000 at closing (40% on the 60% LTV), plus she will pay the $3,240 origination fee. After the deal closes, she will pay the lender $1,170 in monthly interest payments, or 13% multiplied times $108,000 divided by 12 months in a year. At the expiration of the loan, she sells the rehabed house for $252,000. After deducting the $14,040 in interest payments ($1,170 multiplied times 12 months), the $3,240 origination fee, the $108,000 principle amount on the loan, and the $72,000 she contributed to the closing, she will make a total profit of $54,720 ($252,000 price minus $197,280 in total costs). This amount would then be reduced by any rehab costs paid by Kathryn.
Loan Example 2
Boom Funding makes a loan to Yvette for a rehab project in Tea, SD. The loan includes the following:
$310,000 sales price
85% loan to value (LTV)
12 month term
9% rate of interest
4% origination fee
Based on a $403,000 sales price at the end of the 12 month term, the final numbers for the project would look like this:
$403,000 sales price
- $263,500 note principle (85% LTV)
- $46,500 down payment (15% on 85% LTV)
- $10,540 origination fee (4% of the $263,500 principle amount)
- $23,715 total interest paid (12 months x 9% interest)
-----------------------
= $58,745 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 ...
REI Capital
5660 Strand Court
Naples, FL 34110
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
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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