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Hard Money Loans in Menno, South Dakota
Menno, SD has 13 hard money lenders in the city. The mean note issued is around $466,667. Rates on private loans made to Menno borrowers average about 8.5%. The typical loan issued in the city is 26 months in length. The average origination fee for loans is 3.0 percent. The mean loan-to-value (LTV) offered for loans in Menno is 70%.
Loan Example 1
Ladonna takes a hard money loan from Acme Funding Corporation in order to renovate a townhouse to flip in Menno, SD. The price of the property is $210,000. The loan-to-value (LTV) on the note is 55%. This means Ladonna will need to bring 45% of the purchase price to closing and the principle will be $115,500 on the note. The terms of the loan dictate a 13% note for 18 months. They also stipulate a 2 point origination fee, that will also be paid at closing.
Ladonna will have to contribute $94,500 at closing (45% on the 55% LTV), plus she will need to pay the $2,310 origination fee. The lender will collect $1,251 in monthly interest payments from the borrower. This is calculated by taking the full loan value of $115,500, multiplying that by the 13% rate of interest, and then dividing that number by 12. If Ladonna sells the house for $315,000 after 18 months, she would then make a gross profit of $80,168 after subtracting the original principle of $115,500, the money contributed at the close of $94,500, the origination points of $2,310, and the total interest payments of $22,523. This profit doesn't include rehab costs.
Loan Example 2
Martina locates a property in Menno, SD to rehab and re-sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Green Square Finance with the following parameters:
a) A $150,000 sales price, b) a 85% loan to value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 3% origination fee.
If Martina succeeds in her goal of a $225,000 sales price, the final numbers of the project would be as follows:
$225,000 sales price
- $127,500 loan principle (85% LTV)
- $22,500 down payment (15% on 85% LTV)
- $3,825 origination points (3% of the $127,500 principle amount)
- $7,013 total interest paid (6 months x 11% interest)
-----------------------
= $64,163 gross profit (does not include taxes or rehab 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 ...
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. ...
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 ...
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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