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Hard Money Loans in Aurora, South Dakota
There are 13 hard money lenders operating in Aurora, SD. Loan amounts average about $530,556. The median interest rate for loans in Aurora is 11.8%. The mean loan issued in this city is for 27 months. The average origination for the loans is 2.9 points. Lenders offer on average a 71% loan-to-value on hard money loans in Aurora.
Loan Example 1
Janelle is a real estate investor in Aurora, SD. She finds a run-down property and wants to remodel it and resell it for a profit. The house costs $380,000 but she does not have the full amount so she takes out a private money loan with Boom Funding Company. The terms of the loan include a 55% loan to value (LTV), so she must bring 45% of the price as cash at closing, which makes the principle note amount $209,000. The parameters of the deal dictate a 11% note for 18 months. They also require a 5 point origination fee, that will also have to be paid upon closing.
On top of the $10,450 origination fee, Janelle will also have to fund $171,000 of the purchase with her own funds, or 45% of the sales price. After the deal is closed and Janelle takes over the project, she will begin making monthly payments of $1,916 to Boom Funding Company ($209,000 principle x 11% / 12 months). At the end of the note, she sells the renovated house for $513,000. After deducting the $34,485 in interest expenses ($1,916 multiplied times 18 months), the $10,450 origination fee, the $209,000 principle on the note, and the $171,000 she contributed to the closing, she will make a total profit of $88,065 ($513,000 sales price minus $424,935 in costs). This profit would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
Francisco takes out a private money loan from Prosper Lending Company in order to renovate a house to flip in Aurora, SD. The loan has the following terms:
$380,000 sales price
65% loan-to-value (LTV)
18 month term
10% rate of interest
3% origination fee
Francisco plans to sell the property at the end of the term for $494,000. If he accomplishes his goal, the final numbers would be the following:
$494,000 sales price
- $247,000 principle (65% LTV)
- $133,000 down payment (35% on 65% LTV)
- $7,410 origination fee (3% of the $247,000 principle)
- $37,050 total interest paid (18 months x 10% interest)
-----------------------
= $69,540 total profit (does not 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 ...
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 ...
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 ...
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. ...
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. ...
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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