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Hard Money Loans in Fairburn, South Dakota
Fairburn, SD has 13 private money lenders operating in the city. The mean note made is approximately $572,222. Rates on hard money loans made to Fairburn borrowers average around 10.7%. 34 months is the mean term for notes issued in the city. The mean origination fee added to the loans is 3.8%. 67% is the median loan-to-value for offered by lenders in Fairburn.
Loan Example 1
Jodi is a house flipper in Fairburn, SD. She discovers a run-down property for sale and decides to remodel it and resell it for a profit. The house costs $330,000 but she does not have the full amount so she obtains a private money loan with Big City Investment Corporation. The borrower will have to contribute 15% of the sales price in cash to the closing based on a 85% loan-to-value set by the lending company. This makes the principle note from Big City Investment Corporation $280,500. The loan also includes these features: 1) a 12 month length, 2) a 8% interest only note, and 3) a one percent origination charge.
On top of the $2,805 origination fee, Jodi will also need to fund $49,500 of the purchase with her own money, or 15% of the sales price. she must then pay $1,870 per month to the lender. If Jodi accomplishes her goal of a $396,000 sales price when the loan term expires, she would make a gross profit of $40,755 after repaying the principle on the note and deducting the cash she brought to closing, the origination fee, and the monthly interest payments.
Loan Example 2
Marvin is a real estate investor in Fairburn, SD. He finds an older house for a rehab project and takes a private money loan from Rehabbers Finance Corporation with the following paramters:
a) A $240,000 sales price, b) a 75% loan to value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 2% origination fee.
Based on a $348,000 sales price after the 18 month term, the numbers for this deal would look like this:
$348,000 sales price
- $180,000 principle (75% LTV)
- $60,000 down payment (25% on 75% LTV)
- $3,600 origination fee (2% of the $180,000 principle)
- $24,300 interest payments (18 months x 9% interest)
-----------------------
= $80,100 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 ...
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 ...
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 ...
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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