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 Mitchell, South Dakota
There are 11 new construction hard money lenders operating in Mitchell, SD. In this city, the average amount for loans is $785,000. The average interest rate for hard money loans in Mitchell is 11.1%. 26 months is the average length for loans offered in the city. The average loan issued in the city includes a 3.0 point origination charge. The median loan-to-value (LTV) for loans in Mitchell is 74%.
Loan Example 1
Serena is a home builder and she wants to build a house on a lot in Mitchell, SD. Serena estimates the building expenses will be approximately $200,000 and the land is listed for $240,000. USA Lending Corporation will contribute to the transaction at a 70% loan to value (LTV) with a 10%, 18 month new construction loan with three origination points to be paid when the deal closes. They agree not to enforce a pre-payment penalty and they will pay out the building expenses in a few draws. By this deal scenario, Serena will have to contribute the following: 1) $132,000 cash down (based on the 70% LTV), 2) a $9,240 origination charge ($308,000 principle x 3%), and 3) $2,567 monthly interest payments. When the loan expires, Serena re-sells the home for $610,000. This will make Serena a $114,560 gross profit after repaying all expenses of the deal ($308,000 principle amount, $132,000 cash at closing, $9,240 origination charges, and $46,200 for 18 months of payment).
Loan Example 2
Flora is a real estate investor and decides to build a duplex on a land plot in Mitchell, SD. In order to fund the transaction, she applies for a new construction loan from Prime Time Finance with the following terms:
- $330,000 purchase price for the vacant lot
- $200,000 in building costs
- 80% loan-to-value (LTV)
- 12 month term
- 13% rate of interest
- 3% origination fee
Assuming a $660,000 re-sell after the 12 month term, the numbers for this deal would be the following:
$660,000 sales price
- $424,000 principle on note (80% LTV)
- $106,000 down payment (20% on 80% LTV)
- $12,720 origination fee (3% of the $424,000 principle amount)
- $55,120 total interest paid (12 months x 13% interest)
= $62,160 gross profit
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 ...
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 ...
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 ...
Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75070
(214) 548-5190 Website
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using ...
Brisco Funding is an asset-based lender in Chappaqua, NY providing funding throughout the US. They offer lending solutions for many different situations and needs, including construction loans, buy and hold loans, short term loans, and short term fix ...
Fund That Flip is private lender headquartered in New York, NY. They offer funding across the country. They offer fix-and-flip hard money loans, ground-up construction loans, and long term rental property loans. Their loan guidelines ...
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 ...
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 ...
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 ...
National Equity Funding is private money lender based in Irvine, CA. They offer funding throughout the country. They offer fix and flip hard money loans, investment property loans, commercial loans, construction loans, and short term loans. ...