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New Construction Loans in Huron, South Dakota
We found 15 results for construction private money lenders in Huron, SD. Note amounts average approximately $593,750. Interest rates on loans issued to Huron investors average 11.0%. The median loan made in this city has a length of 22 months. The mean origination fee for the loans is 3.2 points. Lenders in Huron average a 74% LTV on their loans.
Loan Example 1
Gilbert is a home builder in Huron, SD. He decides to acquire a home lot to construct a new single family home. The plot costs $330,000 and Gilbert thinks that the construction costs for the new house will be about $300,000. He obtains a new construction loan from River City Finance with these terms: 1) a 18 month note at 13% interest, 2) interest only payments made each month, 3) 5 origination points at closing by the borrower, and 4) a 65% loan-to-value (LTV) on both the land and the construction costs. They agree not to charge a pre-payment penalty and they will issue the construction costs in four draws. By this deal scenario, the lender will fund $409,500 of the land and the construction costs. The borrower will have to pay $220,500 down, a $20,475 origination fee, and $4,436 per month in loan payments. If Gilbert sells the home for $940,000 he will make a gross profit of $209,673 after returning the loan principle and subtracting the origination fee and total interest payments.
Loan Example 2
Adam is a builder who decides to buy a vacant lot in Huron, SD to build a duplex. He takes a construction loan from Big Money Investment Company with these stipulations:
- $210,000 sales price for the land plot
- $250,000 in building expenses
- 70% loan-to-value (LTV)
- 12 month term
- 13% interest rate
- 5% origination fee
If his achieves a $550,000 re-sell after the 12 month term, the numbers for this project will be the following:
$550,000 sales price
- $322,000 note principle (70% LTV)
- $138,000 cash paid at closing (30% on 70% LTV)
- $16,100 origination points (5% of the $322,000 principle)
- $41,860 total interest paid (12 months x 13% interest)
-----------------------
= $32,040 net profit
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Center Street Lending
18201 Von Karman, Suite 400
Irvine, CA 92612
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American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
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4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
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New Silver
2475 Albany Ave #203B
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REI Capital
5660 Strand Court
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448 N 10th Street, Suite 402
Philadelphia, PA 19123
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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
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Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
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Finance of America Commercial
4201 Congress Street, Suite 475
Charlotte, NC 28209
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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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