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New Construction Loans in Howard, South Dakota
There are 13 construction hard money lenders serving Howard, SD. The average amount loaned is $1,562,500. Rates on loans issued to Howard borrowers average about 10.8%. The median term for loans is 13 months. The mean points added to loans is 3.0%. 75% is the typical loan to value for offered by lenders in Howard.
Loan Example 1
Caitlin is a builder and decides to purchase a vacant lot in Howard, SD in order to construct a home. The construction costs will be approximately $300,000 and the lot is listed for $230,000. Oceanside Lending Company will contribute to the transaction at a 75% loan to value (LTV) with a 9%, 6 month construction loan with five origination points to be paid when the transaction closes. There are no pre-payment penalties for the deal and construction expenses will be paid in multiple draws. According to this deal scenario, the lender will fund $397,500 of the lot and construction expenses. The borrower will pay $132,500 down, a $19,875 origination fee, and $2,981 monthly in interest payments. Caitlin's plan is to sell the new house for $680,000. If she achieves this, she will make a net profit of $112,238 after subtracting all expenses ($397,500 principle amount, $132,500 cash down, $19,875 origination charges and $17,888 for 6 months of payments).
Loan Example 2
Fred is a home builder and wants to construct a house on a land plot in Howard, SD. To fund the deal, he obtains a construction loan from Investors Lending Group with these specifications:
a) A $380,000 purchase price for the land, b) $400,000 in building costs, c) an 80% loan-to-value (LTV), d) a 6 month length, e) a 8% rate of interest, and f) a 4% origination fee.
Fred plans to list the property at the end of the term for $1,130,000. If he achievs this goal, the deal numbers will be the following:
$1,130,000 sales price
- $624,000 principle (80% LTV)
- $156,000 down payment (20% on 80% LTV)
- $24,960 origination fee (4% of the $624,000 principle amount)
- $24,960 interest payments (6 months x 8% interest)
-----------------------
= $300,080 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
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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