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Hard Money Loans in Erwin, South Dakota
Erwin, SD has 13 private money lenders operating in the city. The average note made to borrowers is about $398,611. The average rate for hard money loans in Erwin is 10.9%. The median loan made in the city is for 23 months. The mean note includes a 3.1 point origination charge. 72% is the typical LTV offered for for loans in Erwin.
Loan Example 1
Amanda takes a hard money loan from Prime Time Investment Corporation in order to remodel a townhouse to flip in Erwin, SD. The price of the property is $400,000. As the lender agrees to a 60% loan to value, Amanda will need to put 40% down so the principle amount of the loan will be $240,000. The deal also includes these features: 1) a 12 month term, 2) a 11% interest-only note, and 3) a five percent origination charge.
The borrower will have to contribute a total of $32,400 up front to cover the $160,000 down payment in addition to the $12,000 origination fee. The monthly interest-only payments will then total $2,200 to the lender. If Amanda meets her goal of a $600,000 total sales price when the loan term expires, she would earn a gross profit of $161,600 after repaying the principle and deducting the money she brought to closing, the origination fee, and the total interest payments.
Loan Example 2
Andrea takes out a loan from Allstar Finance Corporation in order to rehab a property to flip in Erwin, SD. The loan has the following parameters:
a) A $190,000 sales price, b) a 85% loan-to-value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 1% origination fee.
If Andrea accomplishes her goal of a $228,000 sales price, the outcome of the deal will be the following:
$228,000 sales price
- $161,500 principle on note (85% LTV)
- $28,500 down payment (15% on 85% LTV)
- $1,615 origination fee (1% of the $161,500 principle amount)
- $19,380 total interest paid (18 months x 8% interest)
-----------------------
= $17,005 gross 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 ...
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 ...
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. ...
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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