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Bridge Loans in Abercrombie, North Dakota
There are 18 hard money lenders operating in Abercrombie, ND. The average note made to borrowers is around $404,167. Interest rates for hard money loans average about 10.6%. The typical term for notes is 25 months. The mean note includes a 2.8 percent origination cost. Lenders in Abercrombie average a 73% loan-to-value (LTV) on their loans.
Loan Example 1
Clyde is an investor in Abercrombie, ND. He discovers an older property and wants to rehab it and flip it for a profit. The property has a cost of $280,000 but he doesn't have the full amount so he obtains a bridge loan with Number One Lending Company. Because the lender agrees to a 50% loan to value, Clyde will have to put 50% down and the total amount of the note will be $140,000. The terms of the deal dictate a 14% note for 6 months. They also stipulate a 2 point origination fee, which will also need to be paid at closing.
Clyde will need to bring $140,000 to the closing (50% on the 50% loan-to-value), plus he will pay the $2,800 origination fee. Number One Lending Company will collect $1,633 in monthly interest payments from the borrower. This is calculated by taking the full note amount of $140,000, multiplying that by the 14% interest rate, and then dividing that amount by 12. Clyde's plan is to complete the renovation within the 6 months and sell it for $406,000. If he succeeds he will collect a gross profit of $113,400 ($406,000 sales price - $140,000 principle amount - $140,000 cash paid at closing - $2,800 origination points - $9,800 in total interest.
Loan Example 2
Travis locates a property in Abercrombie, ND to remodel and sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from West End Finance Group with the following parameters:
$250,000 sales price
55% loan-to-value (LTV)
18 month term
14% rate of interest
4% origination fee
After the rehab project is finished, if Travis sells the project for $300,000, the outcome would be the following:
$300,000 sales price
- $137,500 principle (55% LTV)
- $112,500 cash paid at closing (45% on 55% LTV)
- $5,500 origination fee (4% of the $137,500 principle amount)
- $28,875 total interest paid (18 months x 14% interest)
-----------------------
= $15,625 total profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Patch Lending
15000 Ventura Blvd Ste 300
Sherman Oaks, CA 91403
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Secured Investment Lending
1485 International Parkway, Suite 1031
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Center Street Lending
18201 Von Karman, Suite 400
Irvine, CA 92612
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Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
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Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
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Roc Capital
645 Madison Ave
New York City, NY 10022
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Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
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Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
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Primeau Funding
10575 N. 114th St. Suite 103
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Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
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