South Dakota · Short-term rehab · 1–4 unit

Fix and flip loans in South Dakota, funded in 48 hours.

Direct fix and flip financing from a South Dakota lender’s desk — Sioux Falls, Rapid City, Aberdeen, and Brookings. $100K to $5M per asset, up to 92.5% of project cost, 100% of the rehab budget, weekly draws, no application fee, no prepayment penalty. Underwritten in-house and wired through a South Dakota title company on a clean file inside two business days.

Contact us → See terms ↓
$650M+
Capital deployed
1,450
Loans closed
50
States covered
48 hrs
Fastest close
Single-family home mid-renovation in a South Dakota neighborhood with truck and materials on the drive

A Whittier acquisition, a Rapid City full-gut, a Sioux Falls BRRRR. The numbers below are how we wrote them.

South Dakota · Q3 2025

Why South Dakota investors use PML

Banks underwrite borrowers. PML underwrites deals.

A conventional South Dakota mortgage takes 30 to 45 days, asks for two years of W-2s, and reprices halfway through. None of that matches how a South Dakota flip clears at auction or on the MLS. Hard money exists because investor deals close in days, not months — and because the asset itself, post-rehab, is the collateral that matters.

Speed in Sioux Falls

County trustee or court foreclosure calendars across South Dakota clear on a posted schedule, and the Realtor Association of the Sioux Empire MLS turns over the sharpest off-market inventory inside 48 hours. PML issues a binding term sheet within four business hours and wires a clean South Dakota file in 48 hours. The faster you can credibly close, the deeper the discount you can negotiate on a Whittier acquisition or a Sioux Falls value-add.

Leverage on a $185K–$365K ARV

South Dakota flips concentrate in the $185,000 to $365,000 ARV band — the cosmetic three-twos and full-gut projects that occupy Whittier Sioux Falls, South Robbinsdale Rapid City, Cathedral Historic, Aberdeen Old Town. At 92.5% LTC and 100% rehab funding, a single experienced South Dakota flipper can run four to six concurrent projects on the equity that a bank loan would tie up in one. The math on annual return on equity favors the leveraged operator on every realistic scenario.

Asset-based, not income-doc’d

PML underwrites the property’s as-repaired value, your Schedule of Values, and your sponsor track record. We do not need W-2s, South Dakota state returns, or DTI calculations. That makes PML the right tool for self-employed South Dakota operators, anyone running income through a South Dakota LLC or S-corp, and any sponsor with a complex K-1 stack from prior closings.

South Dakota fix and flip terms

Numbers, not asterisks.

Same rate sheet as every other state in our book. PML underwrites on the as-repaired value, not the purchase price alone. Leverage scales with sponsor track record, market, and deal quality — and every term below moves on a published rate sheet.

Loan amount
$100K–$5MSingle asset or portfolio facility
Loan-to-cost
Up to 92.5%100% of rehab on tier-1 sponsors
Loan-to-purchase
Up to 90%Acquisition portion of LTC
Loan-to-ARV
Up to 75%Cap on combined leverage
Rate from
8.99%For 3+-deal sponsors, 660+ FICO
Origination
1–2.5 ptsNo application fee, ever
Term
6–18 moTwo 3-month extensions available
Interest type
Interest-onlyDutch or non-Dutch, your choice
Prepayment penalty
NoneSell or refi the day after close
FICO floor
600Soft pull until terms accepted
Property type
1–4 unitSFR, duplex, triplex, fourplex
South Dakota coverage
StatewideTitle via South Dakota title company
Draw turnaround
48 hoursInspector clears in 1 business day
Time to close
5–10 days48 hours on a clean file
Recourse
StandardPersonal guarantee from sponsor
Application fee
$0No upfront, no soft pull until quoted

South Dakota market, by the numbers

What flipping in South Dakota looks like right now.

Three data points from current public reporting that shape how PML prices and sizes South Dakota fix and flip loans. We update internally each quarter; the figures below were current as of the most recent published cycles.

3.8%
South Dakota flip share — flips as a percentage of all home sales in the state, with Sioux Falls and Rapid City carrying the bulk of the volume.
Source · ATTOM Q3 2025
$56,400
Average gross flipping profit on a South Dakota flip — gross, not net of rehab, holding cost, or selling expense.
Source · ATTOM Q3 2025
34 d
Median days on market for resold single-family inventory in the Sioux Falls MSA, with an ARV band sitting between $215K and $375K on cosmetic flips.
Source · RASE MLS · Q3 2025

Three deals we’d write in South Dakota

Three deals we’d write in South Dakota.

Three illustrative deal profiles drawn from common configurations across our South Dakota book. Real closings vary; these are anchor points for the math, not solicitations.

Whittier cosmetic

Minnehaha County, Sioux Falls · 1940s 3/2 SFR

Sold · m8
Purchase price$143,000
Rehab budget$30,000
As-repaired value$228,000
Loan amount$154,000
LTC / LTV-ARV89% · 68%
Rate / term9.25% · 9 mo
Weekly draw$3,500–$5,000
Time to close42 hours
Exit: Sold for $233,000 in month 8. Four-week marketing window inside the Sioux Falls corridor.

Rapid City full gut

Pennington County, Rapid City · 1960s 3/2 SFR

Active · m6
Purchase price$114,000
Rehab budget$64,000
As-repaired value$268,000
Loan amount$160,000
LTC / LTV-ARV90% · 60%
Rate / term9.49% · 12 mo
Weekly draw$5,000–$8,000
Time to close5 days
Plan: Down to studs, mechanicals replaced, second-bath reconfigured. Listing target month 10 at $280,000.

Sioux Falls BRRRR

Minnehaha County, Sioux Falls · 4-unit value-add

Refi’d · m8
Purchase price$190,000
Rehab budget$46,000
As-repaired value$325,000
Loan amount$212,000
LTC / LTV-ARV90% · 65%
Rate / term9.99% · 12 mo
Weekly draw$4,500–$6,500
Time to close6 days
Exit: Refinanced into PML DSCR rental loan in month 8 once all four units stabilized. Same underwriter, no second appraisal.

Illustrative only. Representative of typical configurations across our South Dakota book — not specific recent closings. See recent loans →

How PML closes in South Dakota

How PML closes in South Dakota.
Five days from submission to wire.

The same five-step flow we run on every state, with three South Dakota-specific lines. Submitted Monday on a clean file, wired by Friday.

  1. Submit the deal

    Drop in the South Dakota property address, your Schedule of Values, and a draft purchase contract. No application fee and no soft credit pull at this stage.

    ~5 minutes

  2. Indicative terms

    A PML underwriter — not a salesperson — replies with a real South Dakota rate, leverage, and a binding term sheet. Soft credit inquiry runs only after you accept.

    ~4 hours

  3. Title & appraisal

    Title routes through a licensed South Dakota title company in the subject county. South Dakota requires a Mortgage Lender Registration for any lender originating more than a small number of loans annually in the state; PML maintains the required state registration for South Dakota business-purpose lending. Subject-to-completion appraisal runs in parallel.

    ~2 days

  4. Closing docs

    South Dakota closings happen at a licensed title company. The same in-house team that quoted the deal also issues the closing docs — no table-funding, no last-minute repricing, no fee changes between term sheet and HUD.

    ~1 day

  5. Wire & weekly draws

    Funds wire at close. The Minnehaha County e-recording system normally posts a deed and deed of trust the same business day they are submitted. Other major South Dakota metros (Rapid City, Aberdeen and Brookings) run similarly fast on e-recording. PML wires loan proceeds the day of close; the lien recording happens in parallel. Weekly draws begin on receipt of the first paid invoices.

    Same day, then weekly

South Dakota fix and flip FAQ

Ten questions, asked by South Dakota flippers.

Specific to South Dakota. For broader hard money questions — FICO floors, BRRRR strategy, the 70% rule, application flow — see the 70% rule explainer, the BRRRR mechanics breakdown, or the full FAQ.

Do you lend in South Dakota?
Yes. PML funds fix and flip loans in all 50 states, with active flipper books in Sioux Falls, Rapid City, Aberdeen, and Brookings. Single-family, duplex, triplex, and fourplex properties. Loan size from $100,000 to $5,000,000 per asset, with cross-collateralized facility lines available for sponsors running three or more concurrent South Dakota projects. No state-line carve-outs on pricing or leverage; a Minnehaha County flip prices off the same rate sheet as a Pennington County flip.
Is PML licensed in South Dakota?
South Dakota requires a Mortgage Lender Registration for any lender originating more than a small number of loans annually in the state; PML maintains the required state registration for South Dakota business-purpose lending. PML originates South Dakota fix and flip loans under that posture, with closings handled through the customary South Dakota closing process. Loans are not consumer mortgages; they cannot be used for a primary or secondary residence. The borrower is always an LLC, LP, or corporation, never a natural person.
What is the typical South Dakota loan size and ARV range?
The bulk of South Dakota fix and flip activity in our book lands in a $185,000 to $365,000 ARV band, with loans typically between $148,000 and $295,000 on a single asset. Sioux Falls and Rapid City skew toward the lower half of that band on entry-level cosmetic flips; the McKennan Park district stretch to $595,000 plus on full-gut projects. We will write a South Dakota loan as small as $100,000 and as large as $5,000,000.
How does title and escrow work in South Dakota?
South Dakota is a title-company state. Closings happen at a licensed title company that handles both the title commitment and the escrow function — there is no attorney-state requirement and no separate settlement attorney. PML has working relationships with title companies in every major South Dakota metro and routes closings to whichever office produces the fastest commitment for the subject property’s county. A clean South Dakota file regularly closes 5 to 7 business days from term-sheet acceptance.
What transfer tax or recording fees apply in South Dakota?
South Dakota imposes a real estate transfer fee at $0.50 per $500 of consideration. The buyer pays the register of deeds recording fee on the deed and mortgage. PML’s quote on the HUD reflects the actual South Dakota tax and recording schedule for the subject county; there are no lender markups on third-party closing costs.
Does South Dakota weather or seasonality affect rehab draws?
South Dakota winters are long and severe, materially affecting exterior trade work from October through April. We have funded South Dakota flips year-round, but the rehab schedule itself should plan for a 4 to 8 week seasonal cushion on roofing, siding, and concrete scopes. Draws never pause due to weather alone.
How long does foreclosure take in South Dakota if the loan defaults?
South Dakota permits both judicial and non-judicial foreclosure depending on the deed instrument. Most business-purpose PML loans use a deed of trust with power of sale, allowing a non-judicial path of roughly roughly 4 to 6 months. As a sponsor this should never matter; as an underwriting input it shapes how our South Dakota loans price.
How quickly does Minnehaha County record a South Dakota deed?
The Minnehaha County e-recording system normally posts a deed and deed of trust the same business day they are submitted. Other major South Dakota metros (Rapid City, Aberdeen and Brookings) run similarly fast on e-recording. PML wires loan proceeds the day of close; the lien recording happens in parallel.
Do you fund foreclosure or auction purchases in South Dakota?
Yes. South Dakota foreclosure sales may proceed either non-judicially (where a deed of trust with power of sale is in place) or judicially through the courts. PML can fund acquisitions from either path when title is clean, with a binding term sheet inside four business hours. For non-judicial South Dakota sales, winning bid to wire in 7 to 10 calendar days is typical.
Can I close into a South Dakota LLC formed after the property goes under contract?
Yes. PML can close into a newly-formed South Dakota LLC even if you took the property under contract in your personal name. The closing party handles the deed transfer at closing — the property moves from your personal name into the new entity simultaneous with the loan funding, with the standard South Dakota transfer-tax treatment applied at close. We do not lend to natural persons; the borrower is always an entity. We can help structure the entity if you do not yet have one in place.

The next South Dakota flip does not have to wait two weeks for terms.

Submit a South Dakota property and an underwriter replies with a real rate within four business hours. No application fee, no soft pull until you accept. Underwritten in-house, wired through a South Dakota title company.

Contact us → See pricing →

Stay in the loop

Rate sheets, market notes, and recently funded deals.

Once a month from PML’s underwriting desk — plus occasional alerts when rates move. Built for active investors and brokers.

No spam · Unsubscribe in one click