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New Construction Loans in Egan, South Dakota
There are 13 new construction hard money lenders operating in Egan, SD. Note amounts average about $354,167. The average interest rate for private loans in Egan is 9.8%. The average loan issued in the city is 13 months in length. The mean origination fee charged for loans is 2.8%. 77% is the mean loan-to-value offered for for loans in Egan.
Loan Example 1
Serena is a real estate investor in Egan, SD. She wants to purchase a home lot and build a new tri-plex. The plot is listed for $180,000 and Serena estimates that the building costs for the project will be about $250,000. She takes a construction loan from ABC Finance with these parameters: 1) a 18 month note at 8% interest, 2) interest-only payments made each month, 3) 4 origination points at the closing by the borrower, and 4) a 70% loan to value (LTV) on both the lot and the building expenses. They agree not to charge a pre-payment penalty and they will fund the building expenses in several draws. By the specifications of this note, Serena will have to pay $129,000 plus $12,040 in origination costs at the closing, then will start making $2,007 per month payments. At the end of the loan, Serena re-sells the property for $530,000. This will net Serena a $51,840 gross profit after paying off all expenses of the deal ($301,000 principle, $129,000 cash down, $12,040 origination charges, and $36,120 for 18 months of payment).
Loan Example 2
Calvin is a real estate investor and he wants to construct a duplex on a vacant lot in Egan, SD. He takes out a construction loan from Victory Finance Company with these terms:
- $170,000 sales price for the land lot
- $400,000 in building expenses
- 65% loan to value (LTV)
- 6 month term
- 12% rate of interest
- 4% origination fee
If Calvin achieves his goal of a $740,000 sales price, the final numbers of the deal will be the following:
$740,000 sales price
- $370,500 note principle (65% LTV)
- $199,500 cash paid at closing (35% on 65% LTV)
- $14,820 origination fee (4% of the $370,500 principle)
- $22,230 total interest paid (6 months x 12% interest)
-----------------------
= $132,950 gross 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 ...
Navigator Private Capital
1910 Towne Centre Blvd. Suite 250
Annapolis, MD 21401
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels. As private money lenders, we fund short- and long-term low-risk development projects ...
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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