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Bridge Loans in Ayr, North Dakota
Ayr, ND has 18 hard money lenders serving the city. The median loan made to borrowers is approximately $541,667. Rates for loans average 9.8%. The typical loan made in this city is 36 months in length. The average origination fee for the loans is 2.4 points. Lenders offer on average a 74% loan-to-value on deals in Ayr.
Loan Example 1
Audrey finds a townhome in Ayr, ND to remodel and resell. Since she doesn't have enough cash on-hand to purchase the $350,000 house outright, she decides to take out a bridge loan from All American Lending Corporation. Since the lender agrees to a 75% loan-to-value, Audrey will be required to put 25% down so the amount of the note will be $262,500. The terms of the deal dictate a 12% note for 6 months. They also require a 3 point origination fee, which will also need to be paid upon closing.
By the terms of the loan, Audrey will need to contribute a $7,875 origination fee in addition to 25% of the sales price, or $87,500, since there is a 75% LTV. The lender will collect $2,625 in monthly interest from the borrower. This is computed by taking the full note value of $262,500, multiplying that by the 12% interest rate, and then dividing that number by 12. Assuming she sells the renovated project for $420,000 at the end of the 6 month term, her total profit (not including rehab costs) would be $46,375. This is computed by taking the sales price ($420,000) and subtracting the original note amount ($262,500), the origination cost ($7,875), the funds she contributed to closing ($87,500), and the total interest payments ($15,750).
Loan Example 2
Carla is a an investor in Ayr, ND. She finds a run-down house for a renovation project and obtains a bridge loan from Victory Lending Corporation with the following paramters:
$220,000 sales price
75% loan to value (LTV)
6 month term
14% interest rate
5% origination fee
If Carla accomplishes her goal of a $319,000 sales price, the final numbers of the project will be as follows:
$319,000 sales price
- $165,000 principle on note (75% LTV)
- $55,000 cash paid at closing (25% on 75% LTV)
- $8,250 origination points (5% of the $165,000 principle)
- $11,550 interest payments (6 months x 14% interest)
-----------------------
= $79,200 gross 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!
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