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Hard Money Loans in Alpena, South Dakota
Alpena, SD has 13 hard money lenders serving the city. The median loan made to borrowers is approximately $353,750. Rates for loans average 10.1%. The typical loan made in this city is 23 months in length. The average origination fee for the loans is 2.3 points. Lenders offer on average a 72% loan-to-value on deals in Alpena.
Loan Example 1
Jerome is a house flipper in Alpena, SD. He finds an older property and wants to rehab it and re-sell it for a profit. The property has a cost of $150,000 but he doesn't have the full amount so he obtains a private money loan with Cordial Lending. As the lender agrees to a 55% loan to value, Jerome will be required to put 45% down and the total amount of the loan will be $82,500. The loan is interest only, with monthly payments, and is for 18 months at 10% interest with 4 origination points to be paid when the deal closes.
Jerome will have to contribute $67,500 at closing (45% on the 55% loan to value), plus he will have to pay the $3,300 origination fee. After the deal closes, he will have to pay Cordial Lending $688 in monthly interest fees, or 10% multiplied times $82,500 divided by 12 months in the year. At the expiration of the loan, he sells the rehabed property for $210,000. After subtracting the $12,375 in interest expenses ($688 multiplied times 18 months), the $3,300 origination fee, the $82,500 principle on the loan, and the $67,500 he contributed to closing, he will make a total profit of $44,325 ($210,000 price minus $165,675 in total costs). This profit would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
Angel is a real estate investor in Alpena, SD. He buys an older townhouse for a remodeling project and takes out a private money loan from Cordial Funding Corporation with the following terms:
$230,000 purchase price
70% loan-to-value (LTV)
12 month term
11% rate of interest
4% origination fee
Based on a $299,000 sales price at the end of the 12 month term, the final numbers for this deal would look like the following:
$299,000 sales price
- $161,000 principle (70% LTV)
- $69,000 cash paid at closing (30% on 70% LTV)
- $6,440 origination fee (4% of the $161,000 principle amount)
- $17,710 interest payments (12 months x 11% interest)
-----------------------
= $44,850 total profit (doesn't include taxes or rehab costs)
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CMN Funding
1510 Central Ave, Suite 380
Albany, NY 12205
Headquartered in Albany, NY, CMN Funding is a hard money lender providing loans all across the US. Their lending focus is primarily on private commercial real estate loans. They issue loan amounts starting at $100,000 with no maximum. They will ...
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 ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...
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 ...
Figure.com
650 California Street, Suite 2700
San Francisco, CA 94108
At Figure, we're transforming home equity by creating a faster, simpler and more transparent way to meet your financial goals. Learn how to use the equity in your home to consolidate debt, pay for home improvement, or fund your goals. ...
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. ...
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. ...
11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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