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Hard Money Loans in Bruce, South Dakota
Bruce, SD has 13 private money lenders operating in the city. In this city, the average loan amount is $296,875. The average rate for loans in Bruce is 10.8%. 17 months is the average length for loans made in this city. The mean note includes a 4.8 percent origination charge. The median loan to value for loans in Bruce is 70%.
Loan Example 1
Red View Funding Company makes a loan to Mayra for a remodeling project in Bruce, SD, on a house that costs $320,000. The borrower will need to fund 20% of the purchase price in cash to closing based on a 80% loan-to-value stipulated by the lending company. This makes the principle amount from Red View Funding Company $256,000. The interest rate on the loan is 10% for a length of 6 months and the lender requires a one point origination fee at closing. The interest is to be paid on a monthly basis and the principle will be paid back after the property sells.
Mayra will need to contribute $64,000 to the closing (20% on the 80% loan to value), plus she will need to pay the $2,560 origination fee. she will then pay $2,133 per month to Red View Funding Company. At the expiration of the note, she sells the rehabed house for $448,000. After subtracting the $12,800 in interest expenses ($2,133 multiplied times 6 months), the $2,560 origination fee, the $256,000 principle on the note, and the $64,000 she brought to closing, she will earn a gross profit of $112,640 ($448,000 price minus $335,360 in costs). This amount would then be reduced by any building costs paid out of pocket.
Loan Example 2
Dora is a real estate investor in Bruce, SD. She finds a run-down house for a rehab project and takes a hard money loan from GJ Finance with the following features:
a) A $170,000 sales price, b) a 50% loan to value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 1% origination fee.
Based on a $212,500 sales price at the end of the 6 month term, the outcome for this deal would look like this:
$212,500 sales price
- $85,000 principle on note (50% LTV)
- $85,000 down payment (50% on 50% LTV)
- $850 origination points (1% of the $85,000 principle)
- $5,950 interest payments (6 months x 14% interest)
-----------------------
= $35,700 total profit (does not include taxes or renovation costs)
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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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 ...
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. ...
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 ...
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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