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 Spearfish, South Dakota
A total of 11 records for new construction lenders were found in Spearfish, SD. Loan amounts average around $440,625. Rates on loans made to Spearfish investors average 10.3%. 28 months is the median term for loans made in this city. The average note includes a 3.0 point origination fee. The mean LTV offered for loans in Spearfish is 74%.
Loan Example 1
Tom is a home builder and wants to construct a house on a land lot in Spearfish, SD. The lot is available for $360,000 and Tom expects that the building costs for the new house will be approximately $350,000. In order to fund the deal, he takes out a new construction loan from BCC Lending Group . They contract to provide a loan with a 14% interest rate for 6 months and 4 origination points to be paid at closing. Additionally, they agree to fund 50% of the aggregate costs (the loan to value / "LTV"). Tom will receive the building costs in draws and there will be no pre-payment penalty if he re-pays the loan prior to the expiration. According to this loan scenario, Tom will have to contribute the following: 1) $355,000 down (by the 50% LTV), 2) a $14,200 origination fee ($355,000 principle x 4%), and 3) $4,142 monthly payments. Tom 's plan is to sell the home for $920,000. If he achieves this, he will earn a total profit of $170,950 after subtracting all costs ($355,000 principle amount, $355,000 cash down, $14,200 origination charges and $24,850 for 6 months of payments).
Loan Example 2
Richard decides to purchase a land plot in Spearfish, SD to build a new duplex in order to resell it. Since he does not have enough cash to pay for 100% of the purchase, he applies for a new construction hard money loan from City Investments with the following stipulations:
- $210,000 purchase price for the vacant plot
- $150,000 in building costs
- 50% loan-to-value (LTV)
- 18 month length
- 13% rate of interest
- 5% origination fee
After the project is complete, if Richard lists the house for $520,000, the final numbers will be as follows:
$520,000 sales price
- $180,000 principle (50% LTV)
- $180,000 down payment (50% on 50% LTV)
- $9,000 origination points (5% of the $180,000 principle)
- $35,100 interest payments (18 months x 13% interest)
= $115,900 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 ...
Miner Capital Funding is private money lender based in Belleville, IL. They offer funding all across the US. They offer ground up construction loans, hard money refinancing, long term rental property loans, private commercial loans, short term ...
Aspen Capital Funding
9400 SW Beaverton-Hillsdale Hwy, Suite 131
Beaverton, OR 97005
(503) 295-5800 Website
Aspen Capital Funding is a Beaverton, OR based hard money lender offering funding all across the country. They provide hard money bridge loans, commercial loans, and hard money construction loans. They offer loan amounts ranging from ...
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 ...
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 ...
Meridian Capital Group is a New York, NY based hard money lender who offers funding all across the US. They offer new construction loans, hard money refinancing, commercial loans, and short term bridge loans. ...
Miramar Financial Group is a private money lender in Del Mar, CA providing funding across the US. They provide short term fix and flip loans, builder loans, and commercial loans. Their loan guidelines are flexible, including ...
York Commercial Finance is an Addison, TX based private lender who provides funding all across the United States. They provide new construction loans, private refinancing, commercial loans, and short term loans. Their loan parameters are versatile, including ...