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Hard Money Loans in Wessington, South Dakota
Wessington, SD has 13 lenders issuing loans in the city. The median note amount in this city is $442,857. Rates on loans made to Wessington borrowers average 10.2%. 27 months is the median length for notes issued in this city. The mean origination percentage added to loans is 2.5%. Lenders typically offer a 66% loan to value (LTV) on loans in Wessington.
Loan Example 1
Morgan finds a duplex in Wessington, SD to remodel and resell. Since she does not have enough cash available to buy the $300,000 house outright, she decides to take out a private money loan from Fair View Finance Company. The loan to value (LTV) on the loan is 85%. This means Morgan will have to bring 15% of the sales price to the closing and the principle will be $255,000 on the deal. The deal also includes these features: 1) a 18 month term, 2) a 8% interest only note, and 3) a one point origination fee.
Therefore, Morgan will be required to make a $45,000 down payment plus pay a $2,550 origination fee. The monthly interest only payments will then total $1,700 to Fair View Finance Company. At the end of the loan, she sells the renovated property for $450,000. After deducting the $30,600 in total interest payments ($1,700 multiplied by 18 months), the $2,550 origination fee, the $255,000 principle on the loan, and the $45,000 she brought to the closing, she will earn a total profit of $116,850 ($450,000 price minus $333,150 in costs). This profit would be reduced by any building costs paid out of pocket.
Loan Example 2
Margarita locates a townhouse in Wessington, SD to renovate and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Dimension Finance Group with the following parameters:
a) A $200,000 sales price, b) a 75% loan to value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 2% origination fee.
Margarita intends to list the property when the note expires for $270,000. If she succeeds, the final numbers would be as follows:
$270,000 sales price
- $150,000 loan principle (75% LTV)
- $50,000 down payment (25% on 75% LTV)
- $3,000 origination points (2% of the $150,000 principle amount)
- $21,000 total interest paid (12 months x 14% interest)
-----------------------
= $46,000 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 ...
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. ...
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. ...
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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