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Hard Money Loans in Mitchell, South Dakota
A total of 13 results for private money lenders were found in Mitchell, SD. The median note amount is $302,500. Rates on hard money loans made to Mitchell borrowers average around 9.9%. The mean note issued in this city has a length of 56 months. A typical loan issued in the city includes a 2.3 percent origination cost. 71% is the average loan-to-value for for loans in Mitchell.
Loan Example 1
Maritza is an investor in Mitchell, SD. She locates an older property and decides to remodel it and sell it for a profit. The house costs $290,000 but she doesn't have the full amount so she takes out a hard money loan with Famous Finance Company. The borrower will need to bring 15% of the purchase price in cash to the closing based on a 85% loan-to-value stipulated by the lender. This makes the loan principle from Famous Finance Company $246,500. The parameters of the deal also include a three point origination fee that is to be paid at the closing and a 6 month, interest only note with a 14% rate of interest.
The borrower will need to contribute a total of $32,400 upon closing to cover the $43,500 down payment plus the $7,395 origination fee. she must then pay $2,876 monthly to Famous Finance Company. If she sells the renovated house for $420,500 at the end of the 6 month term, her gross profit (not including renovation costs) would be $105,850. This is calculated by taking the purchase price ($420,500) and subtracting the original note amount ($246,500), the origination cost ($7,395), the money she contributed to closing ($43,500), and the total interest payments ($17,255).
Loan Example 2
Brittany locates a house in Mitchell, SD to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Capable Investment Group with the following parameters:
$250,000 purchase price
50% loan to value (LTV)
18 month term
11% interest rate
2% origination fee
Once the rehab project is complete, if Brittany sells the project for $362,500, the outcome would be the following:
$362,500 sales price
- $125,000 note principle (50% LTV)
- $125,000 down payment (50% on 50% LTV)
- $2,500 origination fee (2% of the $125,000 principle)
- $20,625 total interest paid (18 months x 11% interest)
-----------------------
= $89,375 total profit (does not include taxes or renovation 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 ...
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. ...
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 ...
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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