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Hard Money Loans in Watertown, South Dakota
A total of 13 records for hard money lenders were found in Watertown, SD. Loan amounts average approximately $419,643. Rates for private loans average about 10.3%. The typical note issued in the city is for 61 months. The average origination percentage charged for loans is 2.6%. The mean loan to value for loans in Watertown is 72%.
Loan Example 1
Rene finds a duplex in Watertown, SD to renovate and resell. Since he doesn't have enough cash on-hand to buy the $360,000 house outright, he takes out a hard money loan from Red Oak Finance Company. The loan to value (LTV) on the deal is 60%. This means that Rene will bring 40% of the purchase price to closing and the principle will be $216,000 on the deal. The loan is interest-only, with monthly payments, and is for 6 months at 13% interest with 4 points to be paid at the closing.
On top of the $8,640 origination fee, Rene will also fund $144,000 of the purchase with his own money, or 40% of the purchase price. After the deal closes, he will have to pay Red Oak Finance Company $2,340 in monthly interest payments, or 13% times $216,000 divided by 12 months in a year. If he sells the renovated project for $468,000 at the end of the 6 month term, his gross profit (not accounting for remodeling expenses) would be $85,320. This is calculated by taking the purchase price ($468,000) and subtracting the original principle ($216,000), the origination fee ($8,640), the funds he brought to closing ($144,000), and the total interest payments ($14,040).
Loan Example 2
Lucy is a real estate investor in Watertown, SD. She finds a run-down property for a remodeling project and obtains a hard money loan from East Shore Investment Corporation with the following paramters:
a) A $180,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 2% origination fee.
Lucy plans to list the project at the end of the term for $216,000. If she succeeds, the outcome will be as follows:
$216,000 sales price
- $117,000 principle on note (65% LTV)
- $63,000 down payment (35% on 65% LTV)
- $2,340 origination fee (2% of the $117,000 principle)
- $9,360 interest payments (12 months x 8% interest)
-----------------------
= $24,300 total profit (doesn't 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 ...
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 ...
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. ...
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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