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Hard Money Loans in Castlewood, South Dakota
There are 13 private money lenders offering loans in Castlewood, SD. The median note amount is $500,000. The median interest rate for hard money loans in Castlewood is 9.2%. 33 months is the median length for notes issued in the city. The average origination fee for the loans is 3.3 percent. 72% is the typical LTV offered for offered by lenders in Castlewood.
Loan Example 1
Bernadine finds a townhouse in Castlewood, SD to rehab and resell. Since she does not have enough cash to buy the $160,000 project outright, she takes out a hard money loan from Urban Investments. The terms of the note include a 85% loan to value (LTV), so she must contribute 15% of the price as cash at closing, which makes the principle loan amount $136,000. The parameters of the deal also include a two percent origination fee which is to be paid at the closing and a 12 month, interest only note with a 11% rate of interest.
According to the parameters of the note, Bernadine will have to pay a $2,720 origination fee in addition to 15% of the purchase price, or $24,000, since there is a 85% LTV. The monthly interest only payments will then total $1,247 to Urban Investments. If Bernadine sells the house for $240,000 after 12 months, she would make a total profit of $62,320 after deducting the principle of $136,000, the cash paid at the close of $24,000, the origination points of $2,720, and the aggregate interest payments of $14,960. This gross profit does not include building costs.
Loan Example 2
Oscar finds a townhouse in Castlewood, SD to rehab and re-sell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from West Shore Investment Company with the following parameters:
a) A $160,000 purchase price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 5% origination fee.
If Oscar succeeds in his goal of a $240,000 sales price, the final numbers of the deal will be as follows:
$240,000 sales price
- $80,000 principle on note (50% LTV)
- $80,000 down payment (50% on 50% LTV)
- $4,000 origination fee (5% of the $80,000 principle)
- $9,600 total interest paid (18 months x 8% interest)
-----------------------
= $66,400 total profit (does not 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 ...
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 ...
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. ...
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 ...
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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