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Hard Money Loans in Lake Preston, South Dakota
Lake Preston, SD has 15 hard money lenders serving the city. Loan amounts average around $352,778. Interest rates for hard money loans average about 10.4%. The mean loan made in the city is for 34 months. The average origination fee added to the loans is 3.8%. 68% is the average loan to value (LTV) for for loans in Lake Preston.
Loan Example 1
Bobby closes on a $300,000 rehab project in Lake Preston, SD, using a hard money loan from Blue Square Lending. The terms of the deal include a 60% loan to value (LTV), so he must contribute 40% of the price as cash to closing, making the principle note amount $180,000. The parameters of the loan dictate a 13% note for 6 months. They also stipulate a 4 point origination fee, that will also need to be paid upon closing.
The borrower will need to fund a total of $32,400 upon closing to cover the $120,000 down payment in addition to the $7,200 origination fee. The lender will collect $1,950 in monthly interest payments from the borrower. This is calculated by taking the total note amount of $180,000, multiplying that by the 13% interest rate, and then dividing that number by 12. At the end of the note, he sells the renovated house for $435,000. After subtracting the $11,700 in total interest payments ($1,950 multiplied times 6 months), the $7,200 origination fee, the $180,000 principle on the note, and the $120,000 he contributed to the closing, he will make a total profit of $116,100 ($435,000 price minus $318,900 in costs). This profit would then be reduced by any renovation costs paid by the borrow.
Loan Example 2
Prime Time Funding Corporation issues a private money loan to Jodie for a rehab project in Lake Preston, SD. The loan includes the following:
a) A $200,000 purchase price, b) a 50% loan-to-value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 4% origination fee.
Assuming a $270,000 sales price at the end of the 12 month term, the final numbers for the project would look like the following:
$270,000 sales price
- $100,000 loan principle (50% LTV)
- $100,000 cash paid at closing (50% on 50% LTV)
- $4,000 origination points (4% of the $100,000 principle amount)
- $14,000 interest payments (12 months x 14% interest)
-----------------------
= $52,000 total profit (does not include taxes or rehab costs)
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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 ...
Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
With more than $21B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors (REIs). Kiavi harnesses the power of data & technology to offer REIs a simpler, more reliable, and faster way ...
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 ...
Center Street Lending
18201 Von Karman, Suite 400
Irvine, CA 92612
Center Street Lending is a private lender headquartered in Irvine, CA offering loans throughout the country. We provide hard money loans for business purpose and non-owner occupied residential properties. Fix and flip, buy and hold, rental property loans, bridge and ...
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. ...
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. ...
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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