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Hard Money Loans in Colton, South Dakota
Colton, SD has 13 hard money lenders operating within the city. Loan amounts average approximately $1,750,000. Interest rates for private loans average around 9.3%. The typical note issued in this city is 26 months in length. The mean loan includes a 4.6 point origination fee. 73% is the typical loan-to-value for offered by lenders in Colton.
Loan Example 1
Sidney finds a townhome in Colton, SD to remodel and re-sell. Since he doesn't have enough cash to acquire the $190,000 property outright, he takes out a hard money loan from Victory Lending. The lender agrees to write a loan with a 50% loan to value (LTV) so they are willing to loan $95,000 on the house. The terms of the loan dictate a 14% note for 12 months. They also require a 5 point origination fee, that will also need to be paid upon closing.
By the parameters of the note, Sidney will need to pay a $4,750 origination fee in addition to 50% of the sales price, or $95,000, based on the 50% LTV. After the loan closes, he will have to pay the lender $1,108 in monthly interest payments, or 14% times $95,000 divided by 12 months in a year. If Sidney sells the property for $256,500 after 12 months, he would then earn a gross profit of $48,450 after subtracting the original principle of $95,000, the funds paid at closing of $95,000, the origination points of $4,750, and the total interest payments of $13,300. This amount doesn't include renovation costs.
Loan Example 2
Melba finds a house in Colton, SD to renovate and sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from West Shore Lending Corporation with the following parameters:
$310,000 sales price
75% loan to value (LTV)
6 month term
14% rate of interest
1% origination fee
Assuming a $465,000 sales price at the end of the 6 month term, the final numbers for this deal would look like this:
$465,000 sales price
- $232,500 note principle (75% LTV)
- $77,500 down payment (25% on 75% LTV)
- $2,325 origination points (1% of the $232,500 principle)
- $16,275 interest payments (6 months x 14% interest)
-----------------------
= $136,400 gross 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 ...
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 ...
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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