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Hard Money Loans in Lesterville, South Dakota
Lesterville, SD has 13 lenders issuing loans in the city. The average note amount is $402,273. The average interest rate for loans in Lesterville is 9.7%. The median loan issued in this city is 28 months in length. The average origination fee for the loans is 2.0 points. 71% is the median loan-to-value offered for for loans in Lesterville.
Loan Example 1
Miriam takes a loan from Brown Finance Company in order to remodel a townhouse to resale in Lesterville, SD. The price of the property is $220,000. The lender agrees to write a note with a 85% loan-to-value (LTV) so they are willing to extend $187,000 on the project. The note is interest-only, with monthly payments, and is for 12 months at 8% interest with 5 points to be paid when the deal closes.
Miriam will have to contribute $33,000 at the closing (15% on the 85% LTV), plus she will have to pay the $9,350 origination fee. The lender will collect $1,247 in monthly interest from the borrower. This is calculated by taking the total note value of $187,000, multiplying by the 8% interest rate, and then dividing that number by 12. Assuming Miriam sells the remodeled project for $308,000 at the end of the 12 month term, her gross profit (not including renovation costs) would be $63,690. This is calculated by taking the purchase price ($308,000) and subtracting the original principle ($187,000), the origination fee ($9,350), the funds she contributed to closing ($33,000), and the total interest payments ($14,960).
Loan Example 2
Sylvia is a real estate investor in Lesterville, SD. She finds a run-down house for a remodeling project and takes a private money loan from Dimension Finance with the following paramters:
a) A $220,000 sales price, b) a 70% loan to value (LTV), c) a 12 month term, d) a 12% interest rate, and e) a 2% origination fee.
Sylvia plans to list the house at the end of the term for $319,000. If she achieves this goal, the final numbers will be the following:
$319,000 sales price
- $154,000 loan principle (70% LTV)
- $66,000 down payment (30% on 70% LTV)
- $3,080 origination fee (2% of the $154,000 principle)
- $18,480 interest payments (12 months x 12% interest)
-----------------------
= $77,440 total 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 ...
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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