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Hard Money Loans in Egan, South Dakota
Egan, SD has 13 private money lenders in the city. The median loan made to borrowers is approximately $507,500. The median rate for loans in Egan is 10.2%. The mean note issued in the city has a term of 44 months. The mean origination fee for the loans is 2.8 percent. Lenders in Egan average a 70% loan-to-value (LTV) on their loans.
Loan Example 1
Marcus is a house flipper in Egan, SD. He finds an older property and decides to rehab it and resell it for a profit. The property costs $220,000 but he does not have the full amount so he takes out a hard money loan with Hometown Investment Group. The loan-to-value (LTV) on the deal is 55%. This means that Marcus will need to bring 45% of the sales price to closing and the principle will be $121,000 on the loan. The loan also includes these features: 1) a 18 month length, 2) a 10% interest only note, and 3) a two point origination fee.
On top of the $2,420 origination fee, Marcus will also have to fund $99,000 of the purchase with his own funds, or 45% of the sales price. he will then pay $1,008 monthly to Hometown Investment Group. If Marcus sells the house for $286,000 after 18 months, he would realize a gross profit of $45,430 after subtracting the original principle of $121,000, the cash contributed at the close of $99,000, the origination points of $2,420, and the aggregate interest payments of $18,150. This amount does not account for rehab costs.
Loan Example 2
Kelly finds a duplex in Egan, SD to rehab and sell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from Affluent Funding Company with the following parameters:
a) A $270,000 purchase price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 4% origination fee.
Assuming a $324,000 sales price at the end of the 6 month term, the final numbers for the project would look like this:
$324,000 sales price
- $216,000 principle on note (80% LTV)
- $54,000 down payment (20% on 80% LTV)
- $8,640 origination points (4% of the $216,000 principle)
- $8,640 interest payments (6 months x 8% interest)
-----------------------
= $36,720 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 ...
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. ...
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 ...
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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