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New Construction Loans in Colman, South Dakota
There are 12 search results for construction private money lenders serving Colman, SD. The mean amount for loans is $1,159,375. Interest rates on private loans made to Colman borrowers average around 11.2%. 30 months is the mean term for loans offered in this city. The mean origination fee applied to the loans is 2.9%. The mean loan to value (LTV) offered for loans in Colman is 72%.
Loan Example 1
Natalie is a home builder and decides to purchase a vacant lot in Colman, SD in order to construct a new tri-plex. The construction costs will be about $350,000 and the land costs $350,000. Reliance Finance Corporation issues a 75% loan-to-value (LTV) new construction loan to Natalie so she can fund the transaction. They also agree to a 12% rate of interest for 6 months plus a three point origination fee. Building fees will be paid in multiple draws and there will be no pre-payment penalties assessed. Given this deal scenario, the lender will fund $525,000 of the lot and the construction costs. The borrower will need to pay $175,000 down, a $15,750 origination fee, and $5,250 monthly in note payments. If Natalie then sells the home for $910,000 she will earn a gross profit of $162,750 after returning the loan principle and subtracting the origination fee and total interest payments.
Loan Example 2
Marta is a home builder who wants to build a duplex on a land lot in Colman, SD. In order to fund the transaction, she takes out a new construction loan from Frontera Finance Corporation with these stipulations:
- $230,000 purchase price for the land plot
- $150,000 in building costs
- 85% loan-to-value (LTV)
- 6 month term
- 11% interest rate
- 4% origination fee
After the construction is complete, if Marta lists the house for $490,000, the final numbers will be as follows:
$490,000 sales price
- $323,000 loan principle (85% LTV)
- $57,000 down payment (15% on 85% LTV)
- $12,920 origination points (4% of the $323,000 principle)
- $17,765 total interest paid (6 months x 11% interest)
-----------------------
= $79,315 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
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 ...
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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