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Hard Money Loans in Houghton, South Dakota
A total of 13 records for hard money lenders were found in Houghton, SD. In this city, the average amount loaned is $402,728. Interest rates for hard money loans average about 10.2%. 39 months is the average term for loans issued in the city. The mean points applied to the loans is 3.1%. The typical loan to value for loans in Houghton is 70%.
Loan Example 1
Jonathan finds a property in Houghton, SD to flip and sell. Since he does not have enough cash to acquire the $320,000 house outright, he decides to take out a private money loan from Trust Lending. The loan-to-value (LTV) on the deal is 60%. This means Jonathan will bring 40% of the sales price to the closing and the principle will be $192,000 on the note. The terms of the loan dictate a 11% note for 12 months. They also stipulate a 4 point origination fee, which will also be paid at closing.
Accordingly, the borrower will be required to contribute a $128,000 down payment in addition to paying a $7,680 origination fee. The lender will collect $1,760 in monthly interest payments from the Jonathan. This is calculated by taking the full note amount of $192,000, multiplying that by the 11% interest rate, and then dividing that number by 12. If Jonathan achieves his goal of a $432,000 total sales price at the end of the loan term, he would earn a gross profit of $83,200 after repaying the principle on the note and deducting the cash he contributed at closing, the origination points, and the monthly interest payments.
Loan Example 2
Margarita is a real estate investor in Houghton, SD. She locates a run-down townhouse for a remodeling project and takes out a hard money loan from Advanced Funding Company with the following terms:
a) A $170,000 sales price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 5% origination fee.
If Margarita accomplishes her goal of a $229,500 sales price, the outcome of the project will be as follows:
$229,500 sales price
- $110,500 note principle (65% LTV)
- $59,500 down payment (35% on 65% LTV)
- $5,525 origination points (5% of the $110,500 principle)
- $7,183 interest payments (6 months x 13% interest)
-----------------------
= $46,793 gross profit (does not include taxes or rehab 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 ...
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. ...
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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