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Hard Money Loans in Wentworth, South Dakota
There are 13 records for hard money lenders operating in Wentworth, SD. The average loan amount is $352,778. Interest rates on loans made to Wentworth borrowers average about 10.5%. The average loan made in this city has a term of 23 months. The mean origination fee charged for the loans is 3.2%. 70% is the typical loan-to-value for for loans in Wentworth.
Loan Example 1
Dynamic Lending Company makes a hard money loan to Aida for a renovation project in Wentworth, SD, on a house that is listed for $210,000. The lender agrees to make a note with a 75% loan-to-value (LTV) so they are willing to extend $157,500 on the property. The terms of the deal also include a five percent origination fee which will be paid at closing and a 12 month, interest only note with a 8% interest rate.
By the parameters of the loan, Aida will have to pay a $7,875 origination fee plus 25% of the purchase price, or $52,500, since there is a 75% LTV. The lender will collect $1,050 in monthly interest from the borrower. This is calculated by taking the full loan value of $157,500, multiplying by the 8% interest rate, and then dividing that number by 12. At the end of the note, she sells the renovated house for $283,500. After deducting the $12,600 in interest payments ($1,050 times 12 months), the $7,875 origination fee, the $157,500 principle amount on the note, and the $52,500 she contributed to closing, she will make a total profit of $53,025 ($283,500 price minus $230,475 in total costs). This profit would then be reduced by any building costs paid out of pocket.
Loan Example 2
Clifford takes out a hard money loan from Reliance Funding Company so he can renovate a townhome to re-sell in Wentworth, SD. The loan has the following parameters:
a) A $330,000 sales price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 2% origination fee.
If Clifford achieves his goal of a $396,000 sales price, the numbers of the deal will be the following:
$396,000 sales price
- $264,000 loan principle (80% LTV)
- $66,000 down payment (20% on 80% LTV)
- $5,280 origination fee (2% of the $264,000 principle amount)
- $23,760 total interest paid (12 months x 9% interest)
-----------------------
= $36,960 gross profit (doesn't 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 ...
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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