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New Construction Loans in Aberdeen, South Dakota
Aberdeen, SD has 13 new construction lenders operating within the city. Note amounts average approximately $428,215. The median rate for private loans in Aberdeen is 10.1%. The median note issued in the city is for 24 months. The average origination fee applied to the loans is 3.0%. The median LTV for loans in Aberdeen is 74%.
Loan Example 1
Dina is a home builder in Aberdeen, SD. She wants to purchase a vacant lot to build a new duplex. Dina thinks that the construction costs will be about $300,000 and the lot is listed for $310,000. She takes out a construction loan from Progressive Lending Company with these specifications: 1) a 12 month note at 9% interest, 2) interest only payments made monthly, 3) 3 origination points paid at the closing by the borrower, and 4) a 85% loan-to-value (LTV) on the lot and the construction costs. There will be no pre-payment penalties on the deal and construction costs will be paid in three draws. According to the terms of this loan, Dina will need to pay $91,500 plus $15,555 in origination fees at the closing, then will begin making $3,889 per month payments. Dina's plan is to sell the project for $910,000. If she achieves this, she will earn a total profit of $237,780 after deducting all expenses ($518,500 principle amount, $91,500 cash down, $15,555 origination fee and $46,665 for 12 months of payments).
Loan Example 2
Bernard decides to acquire a land plot in Aberdeen, SD and construct a tri-plex and resell it. Because he doesn't have the cash to fund the total purchase, he takes out a construction private money loan from All Star Finance Company with the following terms:
- $350,000 purchase price for the land lot
- $400,000 in construction costs
- 75% loan-to-value (LTV)
- 12 month length
- 11% interest rate
- 3% origination fee
After the project is complete, if Bernard sells the property for $970,000, the final numbers would be the following:
$970,000 sales price
- $562,500 loan principle (75% LTV)
- $187,500 cash paid at closing (25% on 75% LTV)
- $16,875 origination fee (3% of the $562,500 principle amount)
- $61,875 interest payments (12 months x 11% interest)
-----------------------
= $141,250 gross profit
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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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 ...
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. ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
REI Capital
5660 Strand Court
Naples, FL 34110
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
Tusker Capital
6910 Halesboro Drive
Austin, TX 78736
Tusker Capital is your go-to boutique real estate lending firm that provides borrowers with quality financing quickly for fix & flip, bridge, land, new construction, and commercial projects. We're dedicated to providing top-notch customer service at every step. As fellow ...
Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
Edward Voccola & Co is hard money lender based in Boston, MA. They provide funding all throughout the US. They provide lending solutions for a variety of scenarios, including builder loans, hard money bridge loans, and ...
Finance of America Commercial
4201 Congress Street, Suite 475
Charlotte, NC 28209
Based in Charlotte, NC, Finance of America Commercial is a private money lender providing funding all throughout the United States. They offer lending solutions for a variety of situations and needs, including refinancing, hard money bridge loans, fix and ...
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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