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New Construction Loans in Sioux Falls, South Dakota
Sioux Falls, SD has 13 new construction hard money lenders operating within the city. The mean loan amount is $472,917. The mean interest rate for hard money loans in Sioux Falls is 11.1%. The mean length offered for loans is 21 months. The average loan issued in the city carries a 6.8 percent origination cost. 76% is the average loan-to-value (LTV) offered for for loans in Sioux Falls.
Loan Example 1
Jordan is an investor and decides to buy a vacant lot in Sioux Falls, SD in order to construct a new home. Jordan thinks the building expenses will be approximately $250,000 and the land is listed for $320,000. He obtains a new construction loan from Oceanside Investment Company with the following specifications: 1) a 12 month note at 8% interest, 2) interest-only payments made every month, 3) 3 origination points at closing by the borrower, and 4) a 85% loan-to-value (LTV) on the lot purchase and the building expenses. Building costs will be paid out in draws and there will be no pre-payment penalties assessed. According to this deal scenario, Jordan will need to contribute the following expenses: 1) $85,500 down (by the 85% LTV), 2) a $14,535 origination fee ($484,500 principle x 3%), and 3) $3,230 monthly interest payments. If Jordan sells the home for $680,000 he will earn a gross profit of $56,705 after re-paying the loan principle and subtracting the origination fee and cumulative interest payments.
Loan Example 2
Mitchell is a builder in Sioux Falls, SD. He wants to purchase a land plot to construct a new tri-plex. He obtains a new construction loan from City Investment Group with the following terms:
a) A $230,000 purchase price for the vacant lot, b) $300,000 in construction costs, c) an 85% loan-to-value (LTV), d) a 6 month term, e) a 11% rate of interest, and f) a 4 point origination charge.
If Mitchell achieves his goal of a $740,000 sale, the final numbers of the project will be the following:
$740,000 sales price
- $450,500 principle (85% LTV)
- $79,500 cash paid at closing (15% on 85% LTV)
- $18,020 origination points (4% of the $450,500 principle)
- $24,778 interest payments (6 months x 11% interest)
-----------------------
= $167,203 net profit
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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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
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
Ridge Street
7901 4th St N Suite
St. Petersburg, FL 10265
Funding Fix & Flip, Ground-Up Construction, and DSCR loans in 35 States. We're the lender for real estate entrepreneurs looking for fast funding, fair pricing, and amazing service.
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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