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Hard Money Loans in Wallace, South Dakota
Wallace, SD has 13 hard money lenders in the city. Loan amounts average about $537,500. The average rate for loans in Wallace is 10.0%. 37 months is the average length for notes issued in this city. The average points charged for the loans is 2.9%. The median loan to value (LTV) offered for loans in Wallace is 70%.
Loan Example 1
Sue closes on a $380,000 rehab project in Wallace, SD, using a private money loan from Blue Mountain Finance. The terms of the note include a 75% loan-to-value (LTV), so she must contribute 25% of the price as cash at closing, making the principle loan amount $285,000. The interest rate on the loan is 11% for a term of 18 months and the lender requires a one point origination fee at the close. The interest is to be paid on a monthly basis and the principle will be returned after the sale of the property.
Sue must fund a total of $32,400 up front to cover the $95,000 down payment in addition to the $2,850 origination fee. she will then pay $2,613 monthly to Blue Mountain Finance. Assuming Sue sells the renovated house for $475,000 at the end of the 18 month term, her gross profit (not including rehab costs) would be $45,125. This is computed by taking the purchase price ($475,000) and subtracting the principle ($285,000), the origination cost ($2,850), the funds she brought to closing ($95,000), and the total interest payments ($47,025).
Loan Example 2
Renee finds a duplex in Wallace, SD to renovate and resell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from USA Finance with the following parameters:
a) A $230,000 sales price, b) a 75% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 3% origination fee.
Based on a $333,500 sales price after the 18 month term, the final numbers for this deal would look like the following:
$333,500 sales price
- $172,500 loan principle (75% LTV)
- $57,500 down payment (25% on 75% LTV)
- $5,175 origination fee (3% of the $172,500 principle amount)
- $36,225 interest payments (18 months x 14% interest)
-----------------------
= $62,100 gross profit (does not include taxes or renovation costs)
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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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 ...
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. ...
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. ...
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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