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Hard Money Loans in Crooks, South Dakota
Crooks, SD has 13 lenders serving the city. Loan amounts average approximately $411,250. The average rate for private loans in Crooks is 11.8%. The average loan issued in the city is for 19 months. The average origination fee added to the loans is 4.2%. 68% is the median loan-to-value (LTV) for for loans in Crooks.
Loan Example 1
Noreen is a house flipper in Crooks, SD. She finds a run-down property and decides to remodel it and resell it for a profit. The house has a cost of $240,000 but she does not have the full amount so she takes out a private money loan with Red View Finance Group. Since the lender agrees to a 75% loan-to-value, Noreen will be required to put 25% down and the total amount of the loan will be $180,000. The interest rate on the loan is 12% for a term of 12 months and the company requires a five point origination fee at closing. The interest is to be paid on a monthly basis and the principle amount will be returned after the sale of the property.
In accordance with the parameters of the note, Noreen will have to contribute a $9,000 origination fee plus 25% of the sales price, or $60,000, based on the 75% LTV. The monthly interest only payments will then total $1,800 to the lender. Assuming Noreen sells the rehabed project for $336,000 at the end of the 12 month term, her gross profit (not including renovation expenses) would be $65,400. This is calculated by taking the sales price ($336,000) and subtracting the original principle ($180,000), the origination cost ($9,000), the cash she brought to closing ($60,000), and the total interest expenses ($21,600).
Loan Example 2
Jeffery is a an investor in Crooks, SD. He finds an older house for a remodeling project and obtains a private money loan from ABC Funding with the following paramters:
a) A $310,000 sales price, b) a 65% loan-to-value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 4% origination fee.
Based on a $403,000 sales price after the 6 month term, the final numbers for this project would look like this:
$403,000 sales price
- $201,500 principle (65% LTV)
- $108,500 cash paid at closing (35% on 65% LTV)
- $8,060 origination fee (4% of the $201,500 principle)
- $11,083 total interest paid (6 months x 11% interest)
-----------------------
= $73,858 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 ...
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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