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Hard Money Loans in Worthing, South Dakota
There are 13 private money lenders offering loans in Worthing, SD. The mean amount loaned is $330,357. Rates on hard money loans issued to Worthing borrowers average about 11.6%. 28 months is the mean length for notes issued in this city. A typical hard money loan issued in the city includes a 5.6 percent origination charge. The mean LTV offered for loans in Worthing is 67%.
Loan Example 1
Ken finds a townhome in Worthing, SD to flip and re-sell. Since he does not have enough cash on-hand to purchase the $360,000 property outright, he decides to take out a hard money loan from USA Lending Group. The loan to value (LTV) on the note is 80%. This means Ken will need to bring 20% of the sales price to closing and the principle amount will be $288,000 on the note. The terms of the loan dictate a 13% note for 12 months. They also require a 2 point origination fee, which will also have to be paid at closing.
According to the parameters of the deal, Ken will have to pay a $5,760 origination fee plus 20% of the sales price, or $72,000, based on the 80% LTV. After the loan closes, he will need to pay the lender $3,120 in monthly interest payments, or 13% multiplied times $288,000 divided by 12 months in a year. If Ken sells the property for $432,000 after 12 months, he would realize a gross profit of $28,800 after deducting the principle of $288,000, the funds paid at the close of $72,000, the origination points of $5,760, and the total interest payments of $37,440. This profit does not account for rehab costs.
Loan Example 2
Kelly takes out a hard money loan from Famous Finance in order to remodel a house to resell in Worthing, SD. The loan has the following parameters:
a) A $260,000 purchase price, b) a 50% loan to value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 3% origination fee.
Assuming a $338,000 sales price at the end of the 18 month term, the final numbers for this project would look like this:
$338,000 sales price
- $130,000 note principle (50% LTV)
- $130,000 down payment (50% on 50% LTV)
- $3,900 origination points (3% of the $130,000 principle)
- $19,500 interest payments (18 months x 10% interest)
-----------------------
= $54,600 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 ...
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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