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New Construction Loans in Madison, South Dakota
Madison, SD has 13 construction private money lenders operating within the city. The mean amount for loans is $391,072. Interest rates on private loans made to Madison investors average around 10.0%. The average note issued in the city is for 15 months. The average origination percentage charged on the loans is 6.0%. Lenders in Madison average a 78% LTV on their deals.
Loan Example 1
Mathew is a builder and decides to purchase a home lot in Madison, SD to construct a new house. On top of the $270,000 cost of the land, Mathew thinks he will require about $400,000 in construction expenses to complete the home. Evergreen Lending Group will loan on the deal at a 60% loan to value (LTV) with a 14%, 6 month new construction loan with four origination points to be paid when the deal closes. Mathew is to collect the construction expenses in draws and there will be no pre-payment penalty if he pays off the loan prior to the expiration. Given the rules of the loan, Mathew will have to pay $268,000 plus $16,080 in origination costs at the closing, then will begin making $4,690 monthly payments. If Mathew sells the home for $870,000 he will earn a total profit of $155,780 after paying pack the loan principle and subtracting the origination fee and cumulative interest.
Loan Example 2
Andre is a home builder who decides to construct a tri-plex on a lot in Madison, SD. Since he does not have the money to pay for 100% of the deal, he applies for a construction private money loan from Top Dog Finance Group with the following specifications:
a) A $400,000 purchase price for the vacant plot, b) $150,000 in building expenses, c) an 60% loan-to-value (LTV), d) a 6 month term, e) a 14% rate of interest, and f) a 4% origination fee.
If Andre succeeds in his goal of a $770,000 sales price, the final numbers of the deal will be the following:
$770,000 sales price
- $330,000 principle on note (60% LTV)
- $220,000 down payment (40% on 60% LTV)
- $13,200 origination points (4% of the $330,000 principle)
- $23,100 total interest paid (6 months x 14% interest)
-----------------------
= $183,700 gross 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 ...
i fund cities
448 N 10th Street, Suite 402
Philadelphia, PA 19123
i Fund Cities is a flexible and reliable lending platform providing Kick A$$ Loans to residential real estate investors nationwide. It all started in the city of brotherly love, Philadelphia, where the partners set out on a mission to provide ...
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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