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New Construction Loans in Sturgis, South Dakota
There are 13 construction hard money lenders operating in Sturgis, SD. The mean note amount in this city is $381,250. Rates for private loans average about 11.4%. The median term offered for notes is 23 months. The average origination fee for the loans is 3.5 points. The typical loan to value (LTV) offered for loans in Sturgis is 76%.
Loan Example 1
Albert is an investor who wants to construct a tri-plex on a lot in Sturgis, SD. The construction costs will be around $150,000 and the lot is listed for $310,000. East Shore Lending Group will fund the project at a 70% loan-to-value (LTV) with a 12%, 12 month new construction loan with four origination points to be paid when the deal closes. They will not charge a pre-payment penalty and they will fund the construction expenses in several draws. By this loan scenario, the lender will fund $322,000 of the lot and the construction expenses. The borrower will pay $138,000 down, a $12,880 origination charge, and $3,220 monthly in interest payments. If Albert sells the project for $620,000 he will make a gross profit of $108,480 after returning the loan principle and deducting the origination points and total interest.
Loan Example 2
Selma wants to buy a vacant lot in Sturgis, SD to construct a new duplex in order to sell it. In order to pay for the transaction, she takes out a construction loan from Dynamic Lending with the following specifications:
- $350,000 purchase price for the land
- $200,000 in building costs
- 75% loan-to-value (LTV)
- 6 month term
- 9% interest rate
- 5% origination charge
If her achieves a $770,000 sales price after the 6 months, the numbers for this deal would look like this:
$770,000 sales price
- $412,500 principle on note (75% LTV)
- $137,500 cash paid at closing (25% on 75% LTV)
- $20,625 origination fee (5% of the $412,500 principle amount)
- $18,563 interest payments (6 months x 9% interest)
-----------------------
= $180,813 total 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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