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New Construction Loans in Watertown, South Dakota
There are 13 new construction lenders serving Watertown, SD. The average amount for loans is $1,183,334. Rates on loans issued to Watertown borrowers average around 10.1%. The average term offered for loans is 25 months. The average note includes a 1.8 percent origination cost. Lenders typically offer a 75% loan-to-value on hard money loans in Watertown.
Loan Example 1
Toni is a real estate investor who decides to build a tri-plex on a land plot in Watertown, SD. Toni estimates the construction expenses will be about $150,000 and the lot will cost $230,000. She applies for a construction loan from Big Money Lending Group with these terms: 1) a 18 month note at 10% interest, 2) interest-only payments made monthly, 3) 4 origination points paid at the closing by the borrower, and 4) a 65% loan to value (LTV) on both the plot and the construction expenses. Toni is to collect the construction expenses in draws and there will not be a pre-payment penalty if she re-pays the loan before the 18 months is over. By the rules of this loan, Toni will have to pay $133,000 plus $9,880 in origination costs at the closing, then will start making $2,058 per month payments. If Toni sells the project for $530,000 she will pocket a total profit of $103,070 after returning the principle amount and subtracting the origination points and total interest payments.
Loan Example 2
Mario decides to acquire a home lot in Watertown, SD and construct a single family home and resell it. To pay for the transaction, he takes out a new construction loan from Big City Investment Group with the following terms:
- $380,000 purchase price for the plot
- $150,000 in building expenses
- 85% loan to value (LTV)
- 12 month term
- 12% interest rate
- 5% origination fee
Based on a projected $740,000 resell after the 12 month term, the numbers for this project will look like this:
$740,000 sales price
- $450,500 note principle (85% LTV)
- $79,500 cash paid at closing (15% on 85% LTV)
- $22,525 origination fee (5% of the $450,500 principle)
- $54,060 interest payments (12 months x 12% interest)
-----------------------
= $133,415 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
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 ...
Tusker Capital
6910 Halesboro Drive
Austin, TX 78736
Tusker Capital is your go-to boutique real estate lending firm that provides borrowers with quality financing quickly for fix & flip, bridge, land, new construction, and commercial projects. We're dedicated to providing top-notch customer service at every step. As fellow ...
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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