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Hard Money Loans in Columbia, South Dakota
There are 13 private money lenders offering loans in Columbia, SD. In this city, the mean note amount is $440,000. Rates for hard money loans average around 9.4%. 27 months is the mean term for loans made in the city. The average note includes a 1.8 point origination charge. 71% is the typical LTV for offered by lenders in Columbia.
Loan Example 1
BCC Finance issues a private money loan to Tony for a rehab project in Columbia, SD, on a house that costs $270,000. Because the lender sets a 85% loan-to-value, Tony will have to put 15% down and the amount of the loan will be $229,500. The loan also consists of the following features: 1) a 18 month length, 2) a 13% interest only note, and 3) a five point origination fee.
According to the terms of the loan, Tony will need to pay a $11,475 origination fee plus 15% of the purchase price, or $40,500, since there is a 85% LTV. BCC Finance will collect $2,486 in monthly interest from the borrower. This is calculated by taking the full loan amount of $229,500, multiplying that by the 13% rate of interest, and then dividing that amount by 12. If he sells the remodeled project for $337,500 at the end of the 18 month term, his total profit (not accounting for rehab expenses) would be $11,273. This is calculated by taking the purchase price ($337,500) and subtracting the original note amount ($229,500), the origination fee ($11,475), the money he contributed to closing ($40,500), and the total interest payments ($44,753).
Loan Example 2
Curtis is a an investor in Columbia, SD. He finds an older house for a rehab project and takes out a hard money loan from Downtown Finance Company with the following terms:
$240,000 purchase price
50% loan to value (LTV)
12 month term
9% rate of interest
4% origination fee
If Curtis accomplishes his goal of a $312,000 sales price, the outcome of the deal would be the following:
$312,000 sales price
- $120,000 principle (50% LTV)
- $120,000 cash paid at closing (50% on 50% LTV)
- $4,800 origination fee (4% of the $120,000 principle)
- $10,800 interest payments (12 months x 9% interest)
-----------------------
= $56,400 total profit (doesn't include taxes or renovation costs)
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CMN Funding
1510 Central Ave, Suite 380
Albany, NY 12205
Headquartered in Albany, NY, CMN Funding is a hard money lender providing loans all across the US. Their lending focus is primarily on private commercial real estate loans. They issue loan amounts starting at $100,000 with no maximum. They will ...
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 ...
Dominion Financial
32 S Street
Baltimore, MD 21202
Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...
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. ...
Figure.com
650 California Street, Suite 2700
San Francisco, CA 94108
At Figure, we're transforming home equity by creating a faster, simpler and more transparent way to meet your financial goals. Learn how to use the equity in your home to consolidate debt, pay for home improvement, or fund your goals. ...
National Advance Group
1 Linden Place
Great Neck, NY 11021
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
AMUSA Commercial Capital
301 Commerce Street Ste. 1420
Fort Worth, TX 76102
AMUSA Commercial Capital is a Dallas, TX based private money lender. They provide funding throughout the country. Their lending focus is mainly on non-bankable commercial real estate loans and Investment 1 to 4 loans. Their loan guidelines are flexible, including ...
ABC Capital Investments
1218 N. Marshall Street
Philadelphia, PA 19122
ABC Capital Investments is a Philadelphia, PA based private lender who offers loans all throughout the US. They provide lending solutions for many different scenarios, including long term rental property loans and short term fix and flip loans. ...
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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