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New Construction Loans in Brookings, South Dakota
Brookings, SD has 13 new construction hard money lenders operating in the city. Loan amounts average around $1,358,334. Rates on hard money loans issued to Brookings borrowers average about 11.2%. The median term for loans is 31 months. The mean loan includes a 4.4 point origination charge. The typical loan-to-value (LTV) for loans in Brookings is 73%.
Loan Example 1
Lonnie is an investor and wants to purchase a vacant lot in Brookings, SD to construct a house. The land is listed for $280,000 and Lonnie estimates the construction costs for the house will be about $300,000. To pay for the deal, he obtains a new construction loan from Allstar Investments. They contract to provide a note with a 10% interest rate for 12 months and two origination points to be paid when the deal closes. They also agree to fund 55% of the total expenses (the loan-to-value or "LTV"). Construction fees will be paid out in draws and there will be no pre-payment penalties. The borrower will have to pay $2,658 monthly in loan payments in addition to $261,000 down, plus a $6,380 origination charge at closing. After deducting all expenses, Lonnie will earn a $251,720 gross profit if he succeeds in his goal of a $870,000 sales price.
Loan Example 2
Margarita is a builder and wants to buy a land lot in Brookings, SD and construct a new home. In order to fund the transaction, she takes a new construction loan from Rolling Brook Investment Corporation with the following terms:
a) A $180,000 sales price for the land plot, b) $150,000 in construction costs, c) an 85% loan to value (LTV), d) a 12 month term, e) a 13% rate of interest, and f) a 5 point origination charge.
If her achieves a $410,000 sales price after the 12 months, the numbers for this project will be as follows:
$410,000 sales price
- $280,500 principle (85% LTV)
- $49,500 cash paid at closing (15% on 85% LTV)
- $14,025 origination fee (5% of the $280,500 principle amount)
- $36,465 total interest paid (12 months x 13% interest)
-----------------------
= $29,510 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
REI Niche Programs - CA NO appraisal 1st position loans - 65% LTV; 2nd position loans - 60% CLTV, NO minimum FICO, Defaults, foreclosure bail-outs, and bankruptcies OK, 6 mo prepay, cross multiple properties, Rural lower LTVs on a case-by-case ...
i fund cities
448 N 10th Street, Suite 402
Philadelphia, PA 19123
i Fund Cities is a flexible and reliable lending platform providing Kick A$$ Loans to residential real estate investors nationwide. It all started in the city of brotherly love, Philadelphia, where the partners set out on a mission to provide ...
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 ...
Creative Hard Money LLC
508 Whitehorse Mercerville Rd
Hamilton, NJ 08610
Based in Hamilton, NJ, Creative Hard Money LLC is a private lender offering loans throughout the United States. They provide loans for many different scenarios, including fix and flip loans, cash out hard money loans, rental property loans, ground-up ...
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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