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New Construction Loans in Olivet, South Dakota
Olivet, SD has 13 construction hard money lenders offering loans in the city. The median note issued to borrowers is around $626,786. Rates for private loans average 10.7%. The median loan issued in the city is for 27 months. The average origination fee for loans is 6.9 percent. Lenders typically offer a 74% loan to value on deals in Olivet.
Loan Example 1
Lorie is a builder and decides to build a house on a home lot in Olivet, SD. The plot costs $400,000 and Lorie expects the building costs for the project will be approximately $350,000. Victory Lending Group issues a 50% loan to value (LTV) construction loan to Lorie in order to fund the deal. They agree to a 9% interest rate for 12 months in addition to a four point origination fee. There are no pre-payment penalties on the deal and building costs will be paid out in three draws. By the specifications of this note, Lorie will be required to fund $375,000 plus $15,000 in origination costs at the closing, then will start making $2,813 monthly payments. Lorie's plan is to sell the new home for $930,000. If she achieves this, she will earn a gross profit of $131,250 after subtracting all expenses ($375,000 principle, $375,000 cash down, $15,000 origination charges and $33,750 for 12 months of payments).
Loan Example 2
Joshua is a home builder in Olivet, SD. He wants to buy a lot to construct a new tri-plex. To fund the transaction, he applies for a construction loan from Easy Brook Investment Company with these stipulations:
a) A $360,000 purchase price for the land, b) $400,000 in construction costs, c) an 55% loan to value (LTV), d) a 6 month term, e) a 10% interest rate, and f) a 3 point origination charge.
If Joshua achieves his goal of a $980,000 sale, the final numbers of the project will be the following:
$980,000 sales price
- $418,000 principle (55% LTV)
- $342,000 cash paid at closing (45% on 55% LTV)
- $12,540 origination fee (3% of the $418,000 principle)
- $20,900 interest payments (6 months x 10% interest)
-----------------------
= $186,560 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 ...
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 ...
Creative Hard Money LLC
508 Whitehorse Mercerville Rd
Hamilton, NJ 08610
Based in Hamilton, NJ, Creative Hard Money LLC is a private lender offering loans throughout the United States. They provide loans for many different scenarios, including fix and flip loans, cash out hard money loans, rental property loans, ground-up ...
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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