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Hard Money Loans in Iroquois, South Dakota
Iroquois, SD has 13 hard money lenders offering loans within the city. The average amount loaned is $305,278. Rates for hard money loans average about 11.3%. The typical term offered for notes is 18 months. The average note includes a 3.1 point origination cost. 66% is the mean loan to value (LTV) offered for for loans in Iroquois.
Loan Example 1
Marlene is an investor in Iroquois, SD. She discovers an older property and wants to renovate it and sell it for a profit. The house has a cost of $370,000 but she doesn't have the full amount so she takes out a hard money loan with Green Square Funding Corporation. The borrower will be required to contribute 50% of the sales price in cash to closing based on a 50% loan to value stipulated by the lending company. This makes the loan principle from Green Square Funding Corporation $185,000. The note is interest-only, with monthly payments, and is for 12 months at 11% interest with 3 points to be paid at the closing.
Accordingly, the borrower will be required to contribute a $185,000 down payment in addition to paying a $5,550 origination fee. she will then pay $1,696 per month to the lender. At the end of the loan, she sells the renovated house for $462,500. After deducting the $20,350 in interest payments ($1,696 multiplied times 12 months), the $5,550 origination fee, the $185,000 principle on the loan, and the $185,000 she contributed to closing, she will earn a total profit of $66,600 ($462,500 price minus $395,900 in total costs). This profit would then be reduced by any rehab costs paid out of pocket.
Loan Example 2
Paula finds a house in Iroquois, SD to remodel and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Deep Lake Investment Corporation with the following parameters:
$340,000 sales price
65% loan to value (LTV)
18 month term
14% interest rate
5% origination fee
After the renovation project is completed, if Paula sells the house for $442,000, the final numbers would be the following:
$442,000 sales price
- $221,000 principle on note (65% LTV)
- $119,000 cash paid at closing (35% on 65% LTV)
- $11,050 origination fee (5% of the $221,000 principle amount)
- $46,410 total interest paid (18 months x 14% interest)
-----------------------
= $44,540 total profit (doesn't 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 ...
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. ...
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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