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New Construction Loans in Colton, South Dakota
There are 13 construction hard money lenders operating in Colton, SD. The average amount for loans in the city is $460,938. Rates for private loans average 10.9%. The mean loan made in the city is for 29 months. The mean points added to the loans is 7.1%. Lenders in Colton average a 74% loan-to-value (LTV) on their loans.
Loan Example 1
Sharon is a real estate investor who decides to purchase a land lot in Colton, SD in order to construct a new house. Sharon estimates the construction costs will be around $350,000 and the plot will cost $230,000. Green Square Investment Group makes a 70% loan-to-value (LTV) construction loan to Sharon in order to complete the project. They agree to a 14% interest rate for 18 months plus a 3 point origination fee. There are no pre-payment penalties on the loan and construction costs will be paid out over a few draws. The borrower will have to pay $4,737 per month in interest payments on top of $174,000 down, plus a $12,180 origination charge at the closing. Sharon's goal is to sell the house for $690,000. If she achieves this, she will pocket a net profit of $12,560 after subtracting all costs ($406,000 principle, $174,000 cash down, $12,180 origination charges and $85,260 for 18 months of payments).
Loan Example 2
Chester decides to acquire a vacant lot in Colton, SD and construct a tri-plex and resell it for a profit. To pay for the transaction, he takes a new construction loan from Ocean View Finance with these terms:
a) A $330,000 sales price for the vacant plot, b) $300,000 in construction expenses, c) an 85% loan to value (LTV), d) a 6 month length, e) a 12% interest rate, and f) a 3% origination fee.
If Chester succeeds in his goal of a $810,000 sales price, the final numbers of the deal would be the following:
$810,000 sales price
- $535,500 note principle (85% LTV)
- $94,500 cash paid at closing (15% on 85% LTV)
- $16,065 origination points (3% of the $535,500 principle)
- $32,130 total interest paid (6 months x 12% interest)
-----------------------
= $131,805 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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