Delaware New Construction Loans
Delaware has 16 new construction hard money lenders serving the state. The average note amount in the state is $324,093. Rates on hard money loans made to Delaware borrowers average about 11.1%. 15 months is the average length for notes issued in the state. The average loan offered in the state carries a 2.8 percent origination fee. Lenders in Delaware average a 72% loan-to-value (LTV) on their loans.
Loan Example 1
Nicole is a builder who decides to build a home on a lot in New Castle, DE. Nicole thinks that the construction costs will be about $200,000 and the lot is listed for $160,000. She gets a new construction loan from Big Lake Investment Corporation with these stipulations: 1) a 12 month note at 14% interest, 2) interest-only payments made monthly, 3) 2 origination points paid at closing by the borrower, and 4) a 50% loan-to-value (LTV) on both the lot and the construction costs. There are no pre-payment penalties for the loan and construction costs will be paid out in a few draws. Given this loan scenario, the lender will contribute $180,000 of the plot and construction costs. The borrower will have to pay $180,000 down, a $3,600 origination charge, and $2,100 monthly in interest payments. At the end of the loan, Nicole re-sells the property for $460,000. This will earn Nicole a $71,200 net profit after re-paying all costs of the loan ($180,000 principle amount, $180,000 cash down, $3,600 origination fee, and $25,200 for 12 months of payment).
Loan Example 2
Elma decides to buy a home lot in Middletown, DE and build a new single family home in order to resell it for a profit. She applies for a construction loan from Trust Investments with these terms:
Based on a projected $610,000 sales price after the 12 month term, the numbers for this project would look like this:
$610,000 sales price
- $286,000 principle on note (65% LTV)
- $154,000 down payment (35% on 65% LTV)
- $14,300 origination points (5% of the $286,000 principle)
- $31,460 interest payments (12 months x 11% interest)
= $124,240 total profit
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
(952) 345-3445 Website
Layla Capital is a hard money lender headquartered in New York, NY providing loans in 10 states across the country. They provide lending solutions for many different scenarios, including short term fix and flip loans, construction loans, hard money ...
Headquartered in Lakehurst, NJ, Alpha Funding Solutions is a hard money lender providing funding throughout New Jersey, Connecticut, Pennsylvania, New York, Maryland, Delaware, and Florida. They offer hard money bridge loans, long term rental property loans, private commercial ...
Full Scope Capital
7424 Baltimore Annapolis Blvd Suite 1
Glen Burnie, MD 21061
(410) 595-6288 Website
Full Scope Capital is a Glen Burnie, MD based private lender. They offer loans throughout Maryland, Washington DC, Pennsylvania, Virginia, Delaware, New Jersey, and Florida. They offer loans for many different needs and situations, including cash out ...
Walnut Street Finance is a Fairfax, VA based private money lender providing funding in Washington DC, Maryland, Virginia, and Delaware. They offer lending solutions for a variety of needs and situations, including fix-and-flip hard money loans, ground up ...
Trius Lending Partners is a hard money lender in Baltimore, MD providing funding in Maryland, Pennsylvania, Delaware, Washington DC, and Virginia. They provide loans for many different situations and needs, including commercial loans, short term bridge loans, fix ...
Lima One Capital is a hard money lender based in Greenville, SC providing loans in 40 states across the US. They offer loans for many different scenarios, including fix-and-flip hard money loans, construction loans, refinancing, and investment property ...
Based in Baltimore, MD, PSG Lending is a hard money lender providing funding throughout Washington DC, Philadelphia, Arlington, and Alexandria. They provide loans for a variety of scenarios, including hard money loans for commercial properties, short term loans, ...
1845 Town Center Blvd, Building 100, Suite 110-D
Jacksonville, FL 32207
(407) 476-2500 Website
LYNK Capital is a Jacksonville, FL based private money lender who offers loans in 8 states throughout the country. They provide commercial loans, hard money construction loans, and fix-and-flip loans. Their loan guidelines are flexible, including ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
Oak Leaf Financial is a Moorestown, NJ based private money lender. They provide funding in New York, New Jersey, Pennsylvania, Connecticut, Delaware, Maryland, and Virginia. They offer bridge loans, ground up construction loans, private refinancing, buy and ...