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New Construction Loans in Canova, South Dakota
A total of 13 results for construction hard money lenders were found in Canova, SD. Loan amounts average about $548,438. Rates on private loans issued to Canova borrowers average 11.1%. The median note issued in this city is for 28 months. The average loan includes a 3.6 point origination charge. Lenders in Canova average a 71% loan to value (LTV) on their loans.
Loan Example 1
Ivan is a builder and decides to acquire a land lot in Canova, SD and construct a new single family home. Ivan thinks the building costs will be about $250,000 and the lot costs $400,000. North Star Finance Company will loan on the transaction at a 80% loan-to-value (LTV) with a 12%, 12 month construction loan with four origination points to be paid when the deal closes. They agree not to charge a pre-payment penalty and they will issue the building costs in four draws. The borrower will need to pay $5,200 per month in interest payments in addition to $130,000 down, plus a $20,800 origination fee at closing. At the end of the loan, Ivan re-sells the house for $970,000. This will make Ivan a $236,800 net profit after paying back all costs of the deal ($520,000 principle, $130,000 cash down, $20,800 origination charges, and $62,400 for 12 months of interest payments).
Loan Example 2
Hope wants to purchase a land lot in Canova, SD and construct a new duplex to resell it. She takes a construction loan from Dimension Funding Group with these specifications:
a) A $310,000 sales price for the land lot, b) $300,000 in building costs, c) an 75% loan-to-value (LTV), d) a 18 month length, e) a 11% interest rate, and f) a 4% origination charge.
After the building project is finished, if Hope sells the house for $850,000, the final numbers would be the following:
$850,000 sales price
- $457,500 principle (75% LTV)
- $152,500 down payment (25% on 75% LTV)
- $18,300 origination points (4% of the $457,500 principle amount)
- $75,488 total interest paid (18 months x 11% interest)
-----------------------
= $146,213 total 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 ...
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 ...
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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