Delaware New Construction Loans
Delaware has 23 new construction hard money lenders serving the state. The average note amount in the state is $324,093. Rates on hard money loans made to Delaware borrowers average about 11.1%. 15 months is the average length for notes issued in the state. The average loan offered in the state carries a 2.8 percent origination fee. Lenders in Delaware average a 72% loan-to-value (LTV) on their loans.
Loan Example 1
Nicole is a builder who decides to build a home on a lot in New Castle, DE. Nicole thinks that the construction costs will be about $200,000 and the lot is listed for $160,000. She gets a new construction loan from Big Lake Investment Corporation with these stipulations: 1) a 12 month note at 14% interest, 2) interest-only payments made monthly, 3) 2 origination points paid at closing by the borrower, and 4) a 50% loan-to-value (LTV) on both the lot and the construction costs. There are no pre-payment penalties for the loan and construction costs will be paid out in a few draws. Given this loan scenario, the lender will contribute $180,000 of the plot and construction costs. The borrower will have to pay $180,000 down, a $3,600 origination charge, and $2,100 monthly in interest payments. At the end of the loan, Nicole re-sells the property for $460,000. This will earn Nicole a $71,200 net profit after re-paying all costs of the loan ($180,000 principle amount, $180,000 cash down, $3,600 origination fee, and $25,200 for 12 months of payment).
Loan Example 2
Elma decides to buy a home lot in Middletown, DE and build a new single family home in order to resell it for a profit. She applies for a construction loan from Trust Investments with these terms:
Based on a projected $610,000 sales price after the 12 month term, the numbers for this project would look like this:
$610,000 sales price
- $286,000 principle on note (65% LTV)
- $154,000 down payment (35% on 65% LTV)
- $14,300 origination points (5% of the $286,000 principle)
- $31,460 interest payments (12 months x 11% interest)
-----------------------
= $124,240 total profit
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Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
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, ...
Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
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Direct Lending Partner
701 W Broad Street, Suite 200
Bethlehem, PA 18018
Direct Lending Partners originates short-term real estate loans for the purpose of acquiring and renovating distressed residential real estate in the states of AL, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, MO, NC, NE, ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Lima One Capital
201 East McBee Ave, Suite 300
Greenville, SC 29601
Since its inception in 2011, Lima One Capital has funded over $9 billion in loans for real estate investors who are building, improving, and stabilizing neighborhoods across the nation. Lima One’s core loan products are New Construction loans for ground-up ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
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Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75071
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Alpha Funding Solutions
29 Union Ave
Lakehurst, NJ 08733
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LYNK Capital
7100 Six Forks Road, Suite 335
Raleigh, NC 27615
LYNK Capital is a fast-growing private lender offering residential renovation, construction, and rental loans. Our team has decades of construction lending experience and we're here to help you through every stage of your project.We lend in: AL, CT, DC, DE, ...
Walnut Street Finance
4021 University Dr #200
Fairfax, VA 22030
Walnut Street Finance provides short-term (6-24 month) commercial loans to small and mid-sized independent real estate builders, developers and investors in Virginia, Maryland, Washington, DC, Delaware, North Carolina, South Carolina, and Pennsylvania.They require minimal upfront capital from their borrowers and ...
Park Place Finance
500 West 2nd Suite 1900
Austin, TX 78701
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Sharestates
45 North Station Plaza
Great Neck, NY 11021
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Sunset Equity Funding
6125 Washington Blvd, 3rd Floor
Culver City, CA 90232
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Trius Lending Partners
15 Sudbrook Lane
Baltimore, MD 21208
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Peak Choice Capital
601 Silver Creek Drive
Shorewood , IL 60432
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Barnett REI Finance
450 Skokie Blvd Suite 600-604
Northbrook, IL 60062
Barnett REI Finance is private lender headquartered in Northbrook, IL. They offer funding across the US. They offer long term rental property loans, fix-and-flip loans, and construction loans. Their loan parameters are versatile, including terms starting at 9 months, rates ...
Red Rock Capital
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan parameters are flexible, ...
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
Oak Leaf Financial
110 MARTER AVENUE SUITE 103
Moorestown, NJ 08057
Oak Leaf Financial is a Moorestown, NJ based private money lender. They provide funding in New York, New Jersey, Pennsylvania, Connecticut, Delaware, Maryland, and Virginia. They offer bridge loans, ground up construction loans, private refinancing, buy and ...
PSG Lending
400 W Franklin St., Suite 300
Baltimore, MD 21201
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NLDS Corp
35 Trenton Ave
Long Beach, NY 11561
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Investor Rehab Funding
1995 North Park Place SE, Suite 415
Atlanta, GA 30339
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Full Scope Capital
7424 Baltimore Annapolis Blvd Suite 1
Glen Burnie, MD 21061
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