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 ...
New Construction Loans in Rapid City, South Dakota
We found 11 records for construction private money lenders serving Rapid City, SD. In this city, the median note amount is $514,286. The median rate for loans in Rapid City is 10.5%. The typical term offered for loans is 19 months. The average loan includes a 2.4 percent origination fee. The typical loan-to-value (LTV) offered for loans in Rapid City is 73%.
Loan Example 1
Polly is an investor and wants to acquire a land plot in Rapid City, SD in order to build a new house. The land costs $320,000 and Polly expects the building costs for the new house will be about $150,000. West Side Lending Group will loan on the transaction at a 60% loan to value (LTV) with a 11%, 18 month new construction loan with 5 origination points paid when the deal closes. Polly will collect the building expenses in draws and there will not be a pre-payment penalty if she re-pays the note early. According to the rules of this note, Polly will need to pay $188,000 plus $14,100 in origination fees at closing, then will start making $2,585 monthly payments. When the loan expires, Polly sells the property for $700,000. This will earn Polly a $169,370 net profit after re-paying all expenses of the deal ($282,000 principle, $188,000 cash down, $14,100 origination fee, and $46,530 for 18 months of payment).
Loan Example 2
Enrique is a home builder who decides to build a single family home on a lot in Rapid City, SD. Because he does not have the cash to pay for 100% of the deal, he takes out a new construction hard money loan from Oceanside Funding Group with the following specifications:
- $150,000 purchase price for the lot
- $350,000 in building expenses
- 65% loan-to-value (LTV)
- 12 month term
- 12% interest rate
- 2% origination charge
Enrique intends to list the property when the loan expires for $670,000. If he achievs this goal, the deal numbers will be as follows:
$670,000 sales price
- $325,000 note principle (65% LTV)
- $175,000 down payment (35% on 65% LTV)
- $6,500 origination points (2% of the $325,000 principle)
- $39,000 total interest paid (12 months x 12% interest)
= $124,500 gross profit
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. ...
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. ...
Based in Water Mill, NY, Hamptons Financial is a hard money lender offering funding throughout the United States. They offer short term fix and flip loans, private commercial loans, new construction loans, hard money refinancing, bridge loans, 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 ...
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 ...
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 ...
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 ...
Commonwealth Equity Funding
Commonwealth Equity Funding is an asset-based lender in Boston, MA providing loans throughout the US. They provide fix and flip hard money loans, commercial loans, ground up construction loans, and bridge loans. Their loan guidelines are versatile, ...
360 CB Capital Funding
711 Westchester Avenue, Suite 202
White Plains, NY 10604
(914) 422-3204 Website
360 CB Capital Funding is a White Plains, NY based hard money lender. They provide funding all across the US. They provide ground up construction loans, short term loans, long term rental property loans, cash out loans, fix ...
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. ...