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New Construction Loans in Tea, South Dakota
Tea, SD has 12 construction hard money lenders serving the city. In this city, the median amount loaned is $619,063. The median rate for private loans in Tea is 11.0%. The typical length offered for notes is 19 months. A typical loan offered in this city carries a 3.0 point origination charge. 75% is the median loan-to-value (LTV) offered for offered by lenders in Tea.
Loan Example 1
Misty is a home builder in Tea, SD. She wants to buy a lot to construct a new home. Misty estimates that the building costs will be about $200,000 and the land costs $380,000. To fund the project, she obtains a new construction loan from West End Funding Corporation. They agree to issue a note with a 10% interest rate for 18 months and 3 origination points to be paid at closing. Additionally, they agree to contribute 55% of the cumulative costs (the loan-to-value or "LTV"). There will be no pre-payment penalties for the loan and building costs will be paid in three draws. The borrower will need to pay $2,658 per month in loan payments on top of $261,000 down, plus a $9,570 origination fee at the closing. If Misty sells the property for $750,000 she will pocket a gross profit of $112,580 after repaying the loan principle and deducting the origination fee and total interest payments.
Loan Example 2
Chris is a real estate investor in Tea, SD. She wants to purchase a land lot to construct a new home. In order to fund the deal, she takes out a new construction loan from Dimension Funding Group with the following parameters:
a) A $240,000 purchase price for the land, b) $150,000 in construction expenses, c) an 65% loan to value (LTV), d) a 18 month term, e) a 11% interest rate, and f) a 5 point origination charge.
Chris wants to list the property at the end of the term for $460,000. If she succeeds, the project numbers will be the following:
$460,000 sales price
- $253,500 principle on note (65% LTV)
- $136,500 cash paid at closing (35% on 65% LTV)
- $12,675 origination fee (5% of the $253,500 principle amount)
- $41,828 interest payments (18 months x 11% interest)
-----------------------
= $15,498 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 ...
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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