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New Construction Loans in Madison, South Dakota
Madison, SD has 15 construction private money lenders operating within the city. The mean amount for loans is $391,072. Interest rates on private loans made to Madison investors average around 10.0%. The average note issued in the city is for 15 months. The average origination percentage charged on the loans is 6.0%. Lenders in Madison average a 78% LTV on their deals.
Loan Example 1
Mathew is a builder and decides to purchase a home lot in Madison, SD to construct a new house. On top of the $270,000 cost of the land, Mathew thinks he will require about $400,000 in construction expenses to complete the home. Evergreen Lending Group will loan on the deal at a 60% loan to value (LTV) with a 14%, 6 month new construction loan with four origination points to be paid when the deal closes. Mathew is to collect the construction expenses in draws and there will be no pre-payment penalty if he pays off the loan prior to the expiration. Given the rules of the loan, Mathew will have to pay $268,000 plus $16,080 in origination costs at the closing, then will begin making $4,690 monthly payments. If Mathew sells the home for $870,000 he will earn a total profit of $155,780 after paying pack the loan principle and subtracting the origination fee and cumulative interest.
Loan Example 2
Andre is a home builder who decides to construct a tri-plex on a lot in Madison, SD. Since he does not have the money to pay for 100% of the deal, he applies for a construction private money loan from Top Dog Finance Group with the following specifications:
a) A $400,000 purchase price for the vacant plot, b) $150,000 in building expenses, c) an 60% loan-to-value (LTV), d) a 6 month term, e) a 14% rate of interest, and f) a 4% origination fee.
If Andre succeeds in his goal of a $770,000 sales price, the final numbers of the deal will be the following:
$770,000 sales price
- $330,000 principle on note (60% LTV)
- $220,000 down payment (40% on 60% LTV)
- $13,200 origination points (4% of the $330,000 principle)
- $23,100 total interest paid (6 months x 14% interest)
-----------------------
= $183,700 gross profit
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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1075 Peachtree Street NE, Suite 3650
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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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Flip N Fast Loans
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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i fund cities
448 N 10th Street, Suite 402
Philadelphia, PA 19123
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
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Edward Voccola & Co
75 Arlington Street, Suite 500
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Finance of America Commercial
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11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
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