South Dakota Bridge Loans
South Dakota has 6 hard money lenders serving the state. In this state, the mean amount loaned is $477,839. The mean rate for hard money loans in South Dakota is 10.7%. 22 months is the mean term for loans made in this state. The average points added to loans is 3.7%. The typical loan-to-value (LTV) for loans in South Dakota is 73%.
Loan Example 1
Sidney closes on a $150,000 renovation project in Rapid City, SD, using a bridge loan from Blue Mountain Funding Company. The lender agrees to make a note with a 60% loan-to-value (LTV) so they are willing to extend $90,000 on the property. The parameters of the note also include a three percent origination fee that will be paid at closing and a 18 month, interest only note with a 12% rate of interest.
According to the parameters of the loan, Sidney will have to pay a $2,700 origination fee plus 40% of the purchase price, or $60,000, based on the 60% LTV. The monthly interest only payments will then be $900 to the lender. At the expiration of the note, he sells the renovated property for $202,500. After deducting the $16,200 in interest expenses ($900 times 18 months), the $2,700 origination fee, the $90,000 principle amount on the note, and the $60,000 he contributed to closing, he will make a total profit of $33,600 ($202,500 sales price minus $168,900 in total costs). This amount would then be reduced by any building costs paid by the borrow.
Loan Example 2
Helen finds a duplex in Rapid City, SD to remodel and re-sell. Because she does not have enough cash to buy the property outright, she takes a bridge loan from Easy Brook Finance Company with the following parameters:
$150,000 purchase price
65% loan-to-value (LTV)
6 month term
8% rate of interest
1% origination fee
Helen plans to sell the property when the note expires for $195,000. If she achieves this goal, the deal numbers will be as follows:
$195,000 sales price
- $97,500 note principle (65% LTV)
- $52,500 cash paid at closing (35% on 65% LTV)
- $975 origination points (1% of the $97,500 principle)
- $3,900 interest payments (6 months x 8% interest)
= $40,125 total profit (does not include taxes or renovation costs)
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $500k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
Global Capital Partners Fund
555 Fifth Avenue, Suite 302
New York, NY 10017
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing nationwide in commercial loans, adaptive re-use, construction lines of credit, ground up construction, fix & flip, & more!
A diverse portfolio ...
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 ...
5300 W Atlantic Ave,, Suite 205
Delray Beach, FL 33448
Based in Delray Beach, Gelt Financial since 1989 is a private money lender offering commercial non bank mortgages national. We offer loans for many different situations and needs, including rental property loans, private commercial loans, fix-and-flip hard money loans, hard ...
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 ...