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Hard Money Loans in Montrose, South Dakota
There are 13 records for private money lenders operating in Montrose, SD. Note amounts average around $396,250. The mean interest rate for private loans in Montrose is 10.0%. The average length for loans is 18 months. The average loan includes a 2.8 percent origination charge. Lenders offer on average a 69% loan-to-value on deals in Montrose.
Loan Example 1
Raymond takes a hard money loan from Johnson Finance Group in order to renovate a property to flip in Montrose, SD. The sales price of the house is $200,000. The terms of the note include a 85% loan-to-value (LTV), so he must bring 15% of the price as cash to closing, making the principle loan amount $170,000. The interest rate on the loan is 12% for a term of 6 months and the company requires a one point origination fee at the closing. The interest is to be paid on a monthly basis and the principle will be repaid after the property sells.
The borrower will have to fund a total of $32,400 upon closing to pay the $30,000 down payment in addition to the $1,700 origination fee. Johnson Finance Group will collect $1,700 in monthly interest from the Raymond. This is calculated by taking the full loan value of $170,000, multiplying that by the 12% rate of interest, and then dividing that amount by 12. At the expiration of the loan, he sells the rehabed house for $300,000. After subtracting the $10,200 in interest payments ($1,700 times 6 months), the $1,700 origination fee, the $170,000 principle amount on the loan, and the $30,000 he contributed to closing, he will earn a gross profit of $88,100 ($300,000 price minus $211,900 in total costs). This amount would be reduced by any rehab costs paid by the borrow.
Loan Example 2
Jody is a real estate investor in Montrose, SD. She buys a run-down house for a rehab project and obtains a hard money loan from Uptown Funding with the following features:
$220,000 purchase price
80% loan-to-value (LTV)
6 month term
8% interest rate
1% origination fee
If Jody succeeds in her goal of a $330,000 sales price, the outcome of the deal will be the following:
$330,000 sales price
- $176,000 principle on note (80% LTV)
- $44,000 down payment (20% on 80% LTV)
- $1,760 origination fee (1% of the $176,000 principle amount)
- $7,040 interest payments (6 months x 8% interest)
-----------------------
= $101,200 gross profit (does not 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 ...
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. ...
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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