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Hard Money Loans in Spencer, South Dakota
There are 13 lenders serving Spencer, SD. In this city, the median amount for loans is $368,334. Interest rates for hard money loans average about 11.5%. The mean loan issued in this city is for 23 months. The average origination percentage charged on loans is 3.4%. Lenders typically offer a 68% loan-to-value on loans in Spencer.
Loan Example 1
David takes a private money loan from All State Finance Company in order to renovate a property to flip in Spencer, SD. The price of the property is $170,000. The loan to value (LTV) on the deal is 60%. This means David will bring 40% of the purchase price to closing and the principle will be $102,000 on the note. The terms of the note also include a two percent origination fee which is to be paid at closing and a 6 month, interest only note with a 12% rate of interest.
David will have to contribute $68,000 at closing (40% on the 60% loan-to-value), plus he will pay the $2,040 origination fee. Once the loan is closed and David takes over the property, he will begin making payments each month of $1,020 to the lender ($102,000 principle x 12% / 12 months). Assuming David sells the renovated house for $255,000 at the end of the 6 month term, his gross profit (not including renovation costs) would be $76,840. This is computed by taking the sales price ($255,000) and subtracting the original note amount ($102,000), the origination cost ($2,040), the cash he brought to closing ($68,000), and the total interest payments ($6,120).
Loan Example 2
Steve is a real estate investor in Spencer, SD. He buys a run-down townhouse for a rehab project and obtains a private money loan from Oak Hill Investment Corporation with the following features:
$330,000 purchase price
70% loan to value (LTV)
18 month term
13% interest rate
3% origination fee
Based on a $478,500 sales price after the 18 month term, the outcome for the deal would look like this:
$478,500 sales price
- $231,000 principle on note (70% LTV)
- $99,000 cash paid at closing (30% on 70% LTV)
- $6,930 origination fee (3% of the $231,000 principle amount)
- $45,045 interest payments (18 months x 13% interest)
-----------------------
= $96,525 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 ...
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. ...
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 ...
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 ...
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. ...
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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