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Hard Money Loans in Salem, South Dakota
Salem, SD has 13 hard money lenders offering loans in the city. In this city, the mean amount loaned is $504,167. Interest rates on hard money loans made to Salem investors average 11.2%. 29 months is the mean length for loans issued in this city. The mean origination fee applied to loans is 3.5%. The median loan to value (LTV) for loans in Salem is 72%.
Loan Example 1
Eva takes a hard money loan from Progressive Lending Corporation in order to renovate a townhouse to flip in Salem, SD. The sales price of the property is $390,000. Because the lender sets a 80% loan to value, Eva will need to put 20% down and the total amount of the note will be $312,000. The deal also has these features: 1) a 12 month length, 2) a 11% interest-only note, and 3) a four percent origination fee.
In addition to paying the $12,480 origination fee, Eva will also have to fund $78,000 of the purchase with her own funds, or 20% of the sales price. After the deal closes, she will pay the lender $2,860 in monthly interest payments, or 11% multiplied by $312,000 divided by 12 months in a year. Assuming she sells the remodeled project for $487,500 at the end of the 12 month term, her gross profit (not including rehab expenses) would be $50,700. This is computed by taking the purchase price ($487,500) and subtracting the original note amount ($312,000), the origination cost ($12,480), the money she contributed to closing ($78,000), and the total interest payments ($34,320).
Loan Example 2
Forest Grove Investments issues a loan to Philip for a rehab project in Salem, SD. The loan includes the following:
$230,000 purchase price
85% loan to value (LTV)
6 month term
8% interest rate
5% origination fee
Philip plans to list the house when the note expires for $276,000. If he succeeds, the deal numbers would be the following:
$276,000 sales price
- $195,500 loan principle (85% LTV)
- $34,500 down payment (15% on 85% LTV)
- $9,775 origination fee (5% of the $195,500 principle)
- $7,820 total interest paid (6 months x 8% interest)
-----------------------
= $28,405 total profit (does not 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 ...
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 ...
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. ...
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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