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New Construction Loans in Spearfish, South Dakota
A total of 13 records for new construction lenders were found in Spearfish, SD. Loan amounts average around $440,625. Rates on loans made to Spearfish investors average 10.3%. 28 months is the median term for loans made in this city. The average note includes a 3.0 point origination fee. The mean LTV offered for loans in Spearfish is 74%.
Loan Example 1
Tom is a home builder and wants to construct a house on a land lot in Spearfish, SD. The lot is available for $360,000 and Tom expects that the building costs for the new house will be approximately $350,000. In order to fund the deal, he takes out a new construction loan from BCC Lending Group. They contract to provide a loan with a 14% interest rate for 6 months and 4 origination points to be paid at closing. Additionally, they agree to fund 50% of the aggregate costs (the loan to value / "LTV"). Tom will receive the building costs in draws and there will be no pre-payment penalty if he re-pays the loan prior to the expiration. According to this loan scenario, Tom will have to contribute the following: 1) $355,000 down (by the 50% LTV), 2) a $14,200 origination fee ($355,000 principle x 4%), and 3) $4,142 monthly payments. Tom's plan is to sell the home for $920,000. If he achieves this, he will earn a total profit of $170,950 after subtracting all costs ($355,000 principle amount, $355,000 cash down, $14,200 origination charges and $24,850 for 6 months of payments).
Loan Example 2
Richard decides to purchase a land plot in Spearfish, SD to build a new duplex in order to resell it. Since he does not have enough cash to pay for 100% of the purchase, he applies for a new construction hard money loan from City Investments with the following stipulations:
- $210,000 purchase price for the vacant plot
- $150,000 in building costs
- 50% loan-to-value (LTV)
- 18 month length
- 13% rate of interest
- 5% origination fee
After the project is complete, if Richard lists the house for $520,000, the final numbers will be as follows:
$520,000 sales price
- $180,000 principle (50% LTV)
- $180,000 down payment (50% on 50% LTV)
- $9,000 origination points (5% of the $180,000 principle)
- $35,100 interest payments (18 months x 13% interest)
-----------------------
= $115,900 gross 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 ...
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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