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Hard Money Loans in Lake Norden, South Dakota
Lake Norden, SD has 13 lenders issuing loans in the city. Loan amounts average around $1,016,667. Rates on loans made to Lake Norden investors average around 10.9%. 33 months is the median length for notes issued in the city. The mean origination percentage charged on the loans is 3.8%. 72% is the average loan-to-value offered for offered by lenders in Lake Norden.
Loan Example 1
James closes on a $350,000 renovation project in Lake Norden, SD, using a hard money loan from Allstar Lending Group. The lender agrees to make a note with a 65% loan to value (LTV) so they are willing to extend $227,500 on the project. The interest rate on the note is 14% for a length of 6 months and the lender requires a two point origination fee at the closing. The interest payments are to be paid monthly and the principle amount will be repaid after the sale of the property.
According to the parameters of the loan, James will have to contribute a $4,550 origination fee in addition to 35% of the purchase price, or $122,500, based on the 65% LTV. After the loan is closed and James takes on the project, he will need to begin making monthly payments of $2,654 to the lender ($227,500 principle x 14% / 12 months). If James meets his goal of a $472,500 total sales price when the loan term expires, he would earn a gross profit of $102,025 after repaying the principle on the note and deducting the cash he contributed at closing, the origination fee, and the total interest payments.
Loan Example 2
South Shore Finance issues a loan to Ora for a rehab project in Lake Norden, SD. The loan includes the following:
$190,000 purchase price
60% loan-to-value (LTV)
18 month term
11% rate of interest
3% origination fee
After the renovation project is complete, if Ora sells the property for $247,000, the outcome would be the following:
$247,000 sales price
- $114,000 principle (60% LTV)
- $76,000 down payment (40% on 60% LTV)
- $3,420 origination fee (3% of the $114,000 principle amount)
- $18,810 interest payments (18 months x 11% interest)
-----------------------
= $34,770 gross profit (does not include taxes or rehab 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 ...
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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