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New Construction Loans in Vermillion, South Dakota
Vermillion, SD has 13 construction hard money lenders issuing loans in the city. The median amount loaned is $542,857. Rates for hard money loans average 11.2%. The median loan issued in this city has a term of 23 months. The mean origination for loans is 3.1 percent. 75% is the mean loan to value for for loans in Vermillion.
Loan Example 1
Lidia is a builder and decides to acquire a land lot in Vermillion, SD to build a new tri-plex. The building costs will be about $400,000 and the land will cost $380,000. Oak Hill Funding Corporation makes a 65% loan to value (LTV) new construction loan to Lidia in order to complete the transaction. They also agree to a 13% rate of interest for 18 months in addition to a three point origination fee. There are no pre-payment penalties for the deal and building expenses will be paid out over three draws. By the terms of this loan, Lidia will be required to fund $273,000 plus $15,210 in origination fees at the closing, then will begin making $5,493 per month payments. Lidia's intent is to sell the house for $1,170,000. If she succeeds, she will pocket a gross profit of $275,925 after subtracting all costs ($507,000 principle, $273,000 cash down, $15,210 origination charges and $98,865 for 18 months of interest payments).
Loan Example 2
Rafael is a builder and he wants to purchase a lot in Vermillion, SD to build a new tri-plex. In order to pay for the transaction, he takes a construction loan from Easy Brook Funding with these specifications:
a) A $260,000 purchase price for the vacant lot, b) $350,000 in building costs, c) an 60% loan-to-value (LTV), d) a 6 month length, e) a 8% interest rate, and f) a 5% origination fee.
If Rafael achieves his goal of a $760,000 sales price, the final numbers of the project would be as follows:
$760,000 sales price
- $366,000 loan principle (60% LTV)
- $244,000 down payment (40% on 60% LTV)
- $18,300 origination fee (5% of the $366,000 principle amount)
- $14,640 total interest paid (6 months x 8% interest)
-----------------------
= $117,060 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
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 ...
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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