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. ...
New Construction Loans in Brookings, South Dakota
Brookings, SD has 11 new construction hard money lenders operating in the city. Loan amounts average around $1,358,334. Rates on hard money loans issued to Brookings borrowers average about 11.2%. The median term for loans is 31 months. The mean loan includes a 4.4 point origination charge. The typical loan-to-value (LTV) for loans in Brookings is 73%.
Loan Example 1
Lonnie is an investor and wants to purchase a vacant lot in Brookings, SD to construct a house. The land is listed for $280,000 and Lonnie estimates the construction costs for the house will be about $300,000. To pay for the deal, he obtains a new construction loan from Allstar Investments . They contract to provide a note with a 10% interest rate for 12 months and two origination points to be paid when the deal closes. They also agree to fund 55% of the total expenses (the loan-to-value or "LTV"). Construction fees will be paid out in draws and there will be no pre-payment penalties. The borrower will have to pay $2,658 monthly in loan payments in addition to $261,000 down, plus a $6,380 origination charge at closing. After deducting all expenses, Lonnie will earn a $251,720 gross profit if he succeeds in his goal of a $870,000 sales price.
Loan Example 2
Margarita is a builder and wants to buy a land lot in Brookings, SD and construct a new home. In order to fund the transaction, she takes a new construction loan from Rolling Brook Investment Corporation with the following terms:
a) A $180,000 sales price for the land plot, b) $150,000 in construction costs, c) an 85% loan to value (LTV), d) a 12 month term, e) a 13% rate of interest, and f) a 5 point origination charge.
If her achieves a $410,000 sales price after the 12 months, the numbers for this project will be as follows:
$410,000 sales price
- $280,500 principle (85% LTV)
- $49,500 cash paid at closing (15% on 85% LTV)
- $14,025 origination fee (5% of the $280,500 principle amount)
- $36,465 total interest paid (12 months x 13% interest)
= $29,510 gross profit
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 ...
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 ...
Global Capital Partners
1345 Avenue Of The Americas, 2nd Floor
New York, NY 10105
(800) 514-7350 Website
Global Capital Partners is a New York, NY based private lender. They provide funding across the US. They offer hard money bridge loans, hard money construction loans, refinancing, fix-and-flip loans, hard money loans for commercial properties, and ...
Flip Funding is an asset-based lender in Sacramento, CA providing funding across the US. They provide investment property loans, cash out hard money loans, hard money loans for commercial properties, new construction loans, hard money bridge loans, and ...
George Smith Partners
10250 Constellation Blvd, Suite 2700
Los Angeles, CA 90067
(310) 557-8336 Website
George Smith Partners is a Los Angeles, CA based hard money lender. They provide loans all throughout the US. They provide loans for a variety of situations and needs, including hard money loans for commercial properties, short term ...
Dominion Mortgage Corporation
1990 S. Bundy Drive, Suite 640
Los Angeles, CA 90025
(310) 477-3041 Website
Dominion Mortgage Corporation is a Los Angeles, CA based private money lender. They provide loans all throughout the country. They offer short term loans, refinancing, private commercial loans, and new construction loans. They provide rates ...
Silver Arch Capital is a Hackensack, NJ based hard money lender. They provide loans across the US. They provide new construction loans, refinancing, and hard money loans for commercial properties. They offer terms between 1 ...
Rodeo Capital Inc is private lender headquartered in Los Angeles, CA. They provide loans throughout the US. They offer lending solutions for many different situations, including refinancing, short term bridge loans, hard money construction loans, fix and ...
Caroline Lending LLC is a Houston, TX based hard money lender. They provide funding all throughout the US. They provide loans for a variety of needs and situations, including short term fix and flip loans, ground up construction ...
Finance of America Commercial
4201 Congress Street, Suite 475
Charlotte, NC 28209
(704) 817-4900 Website
Based in Charlotte, NC, Finance of America Commercial is a private money lender providing funding all throughout the United States. They offer lending solutions for a variety of situations and needs, including refinancing, hard money bridge loans, fix and ...