South Dakota New Construction Loans
A total of 4 search results for new construction lenders were found in South Dakota. In this state, the average amount loaned is $592,822. Interest rates on private loans issued to South Dakota investors average around 10.9%. The average loan made in this state is for 22 months. The average points charged for loans is 4.2%. 74% is the median LTV for offered by lenders in South Dakota.
Loan Example 1
Bernadette wants to purchase a land lot in Sioux Falls, SD to build a duplex in order to sell it for a profit. On top of the $260,000 price of the plot, Bernadette approximates she will require around $400,000 in construction costs to finish the home. She applies for a construction loan from ABC Lending with the following terms: 1) a 12 month note at 10% interest, 2) interest-only payments made every month, 3) 3 origination points paid at closing by the borrower, and 4) a 80% loan to value (LTV) on both the lot purchase and the construction costs. They will not enforce a pre-payment penalty and they will pay out the construction costs in a few draws. The borrower will need to pay $4,400 monthly in note payments on top of $132,000 down, plus a $15,840 origination charge at closing. After deducting all costs, Bernadette will pocket a $191,360 total profit if she succeeds in his goal of a $920,000 sales price.
Loan Example 2
Douglas is a real estate investor and he decides to construct a single family home on a land lot in Rapid City, SD. To fund the transaction, he takes a construction loan from Prosper Finance Corporation with these terms:
After the building project is complete, if Douglas sells the property for $790,000, the final numbers will be as follows:
$790,000 sales price
- $413,000 principle (70% LTV)
- $177,000 cash paid at closing (30% on 70% LTV)
- $16,520 origination fee (4% of the $413,000 principle amount)
- $53,690 interest payments (12 months x 13% interest)
= $129,790 net profit
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
274 Madison Avenue, Suite 901
New York, NY 10016
A diverse portfolio of lending services, an experienced in-house underwriting staff, and the ability to tailor financing options to a client's individual needs have made Global Capital Partners a household name in New York's commercial lending industry. Global Capital Partners ...
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 ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
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. ...