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New Construction Loans in Mitchell, South Dakota
There are 13 new construction hard money lenders operating in Mitchell, SD. In this city, the average amount for loans is $785,000. The average interest rate for hard money loans in Mitchell is 11.1%. 26 months is the average length for loans offered in the city. The average loan issued in the city includes a 3.0 point origination charge. The median loan-to-value (LTV) for loans in Mitchell is 74%.
Loan Example 1
Serena is a home builder and she wants to build a house on a lot in Mitchell, SD. Serena estimates the building expenses will be approximately $200,000 and the land is listed for $240,000. USA Lending Corporation will contribute to the transaction at a 70% loan to value (LTV) with a 10%, 18 month new construction loan with three origination points to be paid when the deal closes. They agree not to enforce a pre-payment penalty and they will pay out the building expenses in a few draws. By this deal scenario, Serena will have to contribute the following: 1) $132,000 cash down (based on the 70% LTV), 2) a $9,240 origination charge ($308,000 principle x 3%), and 3) $2,567 monthly interest payments. When the loan expires, Serena re-sells the home for $610,000. This will make Serena a $114,560 gross profit after repaying all expenses of the deal ($308,000 principle amount, $132,000 cash at closing, $9,240 origination charges, and $46,200 for 18 months of payment).
Loan Example 2
Flora is a real estate investor and decides to build a duplex on a land plot in Mitchell, SD. In order to fund the transaction, she applies for a new construction loan from Prime Time Finance with the following terms:
- $330,000 purchase price for the vacant lot
- $200,000 in building costs
- 80% loan-to-value (LTV)
- 12 month term
- 13% rate of interest
- 3% origination fee
Assuming a $660,000 re-sell after the 12 month term, the numbers for this deal would be the following:
$660,000 sales price
- $424,000 principle on note (80% LTV)
- $106,000 down payment (20% on 80% LTV)
- $12,720 origination fee (3% of the $424,000 principle amount)
- $55,120 total interest paid (12 months x 13% interest)
-----------------------
= $62,160 gross 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 ...
i fund cities
448 N 10th Street, Suite 402
Philadelphia, PA 19123
i Fund Cities is a flexible and reliable lending platform providing Kick A$$ Loans to residential real estate investors nationwide. It all started in the city of brotherly love, Philadelphia, where the partners set out on a mission to provide ...
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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