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New Construction Loans in Ramona, South Dakota
Ramona, SD has 13 construction hard money lenders offering loans in the city. Loan amounts average approximately $395,313. Interest rates for loans average around 10.6%. The median loan made in this city is 20 months in length. The mean origination fee applied to the loans is 3.4%. 69% is the median loan to value offered for offered by lenders in Ramona.
Loan Example 1
Meagan wants to purchase a home lot in Ramona, SD to build a new house and re-sell it for a profit. The building costs will be approximately $400,000 and the land will cost $210,000. To pay for the project, she applies for a construction loan from Reliance Lending Group. They agree to provide a note with a 14% interest rate for 6 months and three origination points to be paid at closing. They also agree to loan 65% of the cumulative expenses (the loan-to-value or "LTV"). There are no pre-payment penalties on the deal and building expenses will be paid out over a few draws. According to the specifications of this note, Meagan will have to pay $213,500 plus $11,895 in origination costs at the closing, then will begin making $4,626 monthly payments. Meagan's goal is to sell the new home for $910,000. If she succeeds, she will make a gross profit of $260,350 after deducting all expenses ($396,500 principle, $213,500 cash down, $11,895 origination fee and $27,755 for 6 months of interest payments).
Loan Example 2
Leann is a home builder who wants to construct a house on a lot in Ramona, SD. Since she doesn't have enough money to pay for the full deal, she obtains a construction private money loan from Oceanside Lending with the following parameters:
- $290,000 sales price for the land
- $250,000 in construction costs
- 55% loan-to-value (LTV)
- 18 month length
- 14% interest rate
- 4% origination fee
If Leann succeeds in her goal of a $670,000 sale, the final numbers of the deal will be as follows:
$670,000 sales price
- $297,000 note principle (55% LTV)
- $243,000 down payment (45% on 55% LTV)
- $11,880 origination points (4% of the $297,000 principle amount)
- $62,370 total interest paid (18 months x 14% interest)
-----------------------
= $55,750 net 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 ...
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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