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Hard Money Loans in Letcher, South Dakota
A total of 13 records for private money lenders were found in Letcher, SD. The mean loan amount is $446,945. Interest rates for hard money loans average about 9.3%. 33 months is the mean length for loans issued in the city. The average note includes a 2.4 percent origination charge. The average LTV offered for loans in Letcher is 75%.
Loan Example 1
Milton takes a private money loan from Top Dog Funding Company in order to renovate a townhouse to flip in Letcher, SD. The price of the house is $320,000. The loan-to-value (LTV) on the note is 85%. This means that Milton will bring 15% of the sales price to the closing and the principle will be $272,000 on the deal. The loan is interest only, with monthly payments, and is for 12 months at 12% interest with 5 points paid when the deal closes.
On top of the $13,600 origination fee, Milton will also need to fund $48,000 of the purchase with his own cash, or 15% of the sales price. Top Dog Funding Company will collect $2,720 in monthly interest from the Milton. This is calculated by taking the total loan value of $272,000, multiplying by the 12% interest rate, and then dividing that number by 12. At the expiration of the loan, he sells the renovated house for $384,000. After deducting the $32,640 in interest payments ($2,720 times 12 months), the $13,600 origination fee, the $272,000 principle on the loan, and the $48,000 he contributed to the closing, he will earn a total profit of $17,760 ($384,000 price minus $366,240 in total costs). This amount would be reduced by any renovation costs paid by Milton.
Loan Example 2
Jesus finds a duplex in Letcher, SD to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money loan from Superior Finance with the following parameters:
a) A $280,000 purchase price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 5% origination fee.
Assuming a $406,000 sales price after the 12 month term, the outcome for this deal would look like the following:
$406,000 sales price
- $224,000 loan principle (80% LTV)
- $56,000 down payment (20% on 80% LTV)
- $11,200 origination fee (5% of the $224,000 principle amount)
- $29,120 interest payments (12 months x 13% interest)
-----------------------
= $85,680 total profit (doesn't include taxes or renovation 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 ...
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. ...
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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