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Hard Money Loans in Sturgis, South Dakota
Sturgis, SD has 13 private money lenders issuing loans in the city. Loan amounts average approximately $290,715. The average interest rate for loans in Sturgis is 10.4%. The typical length offered for loans is 23 months. The average loan offered in this city carries a 3.3 point origination charge. Lenders typically offer a 70% loan to value on hard money loans in Sturgis.
Loan Example 1
Jenny finds a townhome in Sturgis, SD to renovate and resell. Since she does not have enough cash to acquire the $330,000 house outright, she takes out a hard money loan from Victory Finance Company. The loan-to-value (LTV) on the note is 50%. This means Jenny will need to bring 50% of the sales price to closing and the principle amount will be $165,000 on the deal. The terms of the deal dictate a 14% note for 18 months. They also stipulate a 4 point origination fee, which will also have to be paid upon closing.
Therefore, Jenny will need to make a $165,000 down payment plus pay a $6,600 origination fee. she will then pay $1,925 monthly to Victory Finance Company. Jenny's intention is to complete the renovation by the end of the 18 months and resell it for $429,000. If she succeeds she will make a gross profit of $57,750 ($429,000 price - $165,000 principle amount - $165,000 down payment - $6,600 origination points - $34,650 in total interest paid.
Loan Example 2
Rolling Brook Funding Group makes a hard money loan to Francisco for a renovation project in Sturgis, SD. The deal includes the following:
$400,000 purchase price
65% loan-to-value (LTV)
18 month term
11% interest rate
2% origination fee
Assuming a $600,000 sales price after the 18 month term, the numbers for this project would look like the following:
$600,000 sales price
- $260,000 principle (65% LTV)
- $140,000 cash paid at closing (35% on 65% LTV)
- $5,200 origination points (2% of the $260,000 principle amount)
- $42,900 total interest paid (18 months x 11% interest)
-----------------------
= $151,900 total 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 ...
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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