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New Construction Loans in Chester, South Dakota
Chester, SD has 13 construction private money lenders operating within the city. In this city, the average note amount is $362,500. Rates for private loans average around 10.8%. The median term offered for loans is 22 months. The average note includes a 3.3 point origination fee. 69% is the median loan to value offered for for loans in Chester.
Loan Example 1
Vincent is a builder in Chester, SD. He wants to acquire a home lot to build a new single family home. On top of the $150,000 price of the land, Vincent estimates he will have about $300,000 in construction expenses to complete the home. P & J Funding Group will loan on the deal at a 65% loan to value (LTV) with a 9%, 12 month construction loan with 5 origination points paid when the deal closes. Vincent is to collect the construction expenses in draws and there will be no pre-payment penalty if he repays the loan early. By this loan scenario, the lender will fund $292,500 of the plot and the construction expenses. The borrower will be required to pay $157,500 down, a $14,625 origination fee, and $2,194 monthly in note payments. When the loan expires, Vincent re-sells the home for $600,000. This will make Vincent a $109,050 net profit after repaying all expenses of the loan ($292,500 principle amount, $157,500 cash down, $14,625 origination charges, and $26,325 for 12 months of interest payments).
Loan Example 2
Felix is an investor who wants to construct a home on a home lot in Chester, SD. To fund the project, he takes a new construction loan from Superior Lending Group with these stipulations:
- $220,000 sales price for the land plot
- $150,000 in construction expenses
- 50% loan to value (LTV)
- 6 month length
- 10% rate of interest
- 5% origination fee
If Felix succeeds in his goal of a $530,000 sale, the final numbers of the project would be as follows:
$530,000 sales price
- $185,000 note principle (50% LTV)
- $185,000 cash paid at closing (50% on 50% LTV)
- $9,250 origination fee (5% of the $185,000 principle)
- $9,250 interest payments (6 months x 10% interest)
-----------------------
= $141,500 net profit
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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 ...
Peak Choice Capital
601 Silver Creek Drive
Shorewood , IL 60432
Chicago-based lender Peak Choice Capital is a private lender providing funding in 45 states throughout the US. Peak Choice Capital offers short-term bridge loans, DSCR loans for investment properties (1-4 units and 5+ units), cash-out loans, fix-and-flip loans, and small-balance ...
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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