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Hard Money Loans in Mission Hill, South Dakota
We found 13 records for hard money lenders in Mission Hill, SD. Note amounts average approximately $357,500. The mean rate for hard money loans in Mission Hill is 11.2%. The mean note issued in the city has a term of 17 months. The average origination fee for loans is 4.7 percent. Lenders in Mission Hill average a 69% LTV on their loans.
Loan Example 1
Leslie finds a condo in Mission Hill, SD to rehab and resell. Since he doesn't have enough cash available to acquire the $270,000 project outright, he takes out a private money loan from East End Finance Group. The terms of the note include a 85% loan to value (LTV), so he must contribute 15% of the price as cash at closing, which makes the principle loan amount $229,500. The loan is interest only, with monthly payments, and is for 12 months at 13% interest with 4 origination points to be paid when the deal closes.
Leslie will need to contribute $40,500 at closing (15% on the 85% LTV), plus he will pay the $9,180 origination fee. he must then pay $2,486 per month to the lender. At the end of the loan, he sells the rehabed property for $405,000. After deducting the $29,835 in total interest payments ($2,486 multiplied times 12 months), the $9,180 origination fee, the $229,500 principle amount on the loan, and the $40,500 he contributed to closing, he will earn a total profit of $95,985 ($405,000 price minus $309,015 in total costs). This profit would be reduced by any rehab costs paid out of pocket.
Loan Example 2
East Side Finance issues a loan to Eric for a remodeling project in Mission Hill, SD. The loan dictates the following:
$360,000 purchase price
50% loan to value (LTV)
12 month term
10% rate of interest
2% origination fee
Once the renovation project is complete, if Eric sells the property for $504,000, the numbers would be as follows:
$504,000 sales price
- $180,000 loan principle (50% LTV)
- $180,000 down payment (50% on 50% LTV)
- $3,600 origination fee (2% of the $180,000 principle amount)
- $18,000 interest payments (12 months x 10% interest)
-----------------------
= $122,400 gross 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 ...
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. ...
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 ...
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 ...
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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