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Hard Money Loans in Carthage, South Dakota
There are 13 private money lenders operating in Carthage, SD. The mean amount for loans in the city is $556,000. Interest rates for hard money loans average around 10.7%. 21 months is the mean term for loans issued in this city. The average hard money loan made in the city includes a 2.0 point origination fee. Lenders typically offer a 72% loan-to-value on deals in Carthage.
Loan Example 1
Pretty Perfect Lending Company makes a loan to Joshua for a rehab project in Carthage, SD, on a house that costs $280,000. The terms of the note include a 70% loan-to-value (LTV), so he must bring 30% of the price as cash at closing, making the principle note amount $196,000. The terms of the deal also stipulate a three point origination fee which will be paid at closing and a 12 month, interest-only note with a 8% rate of interest.
On top of the $5,880 origination fee, Joshua will also have to fund $84,000 of the purchase with his own cash, or 30% of the purchase price. The lender will collect $1,307 in monthly interest payments from the Joshua. This is calculated by taking the total loan amount of $196,000, multiplying by the 8% rate of interest, and then dividing that number by 12. If Joshua sells the house for $336,000 after 12 months, he would then earn a gross profit of $34,440 after subtracting the principle amount of $196,000, the funds contributed at the close of $84,000, the origination points of $5,880, and the total interest payments of $15,680. This gross profit doesn't include remodeling costs.
Loan Example 2
Loretta takes out a loan from Red City Investments in order to remodel a townhouse to flip in Carthage, SD. The deal has the following parameters:
a) A $400,000 purchase price, b) a 50% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 3% origination fee.
After the rehab project is finished, if Loretta sells the house for $540,000, the outcome would be the following:
$540,000 sales price
- $200,000 principle (50% LTV)
- $200,000 cash paid at closing (50% on 50% LTV)
- $6,000 origination fee (3% of the $200,000 principle)
- $26,000 total interest paid (12 months x 13% interest)
-----------------------
= $108,000 total profit (doesn't include taxes or renovation 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 ...
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. ...
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. ...
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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