With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Bridge Loans in Dickey, North Dakota
Dickey, ND has 18 bridge lenders serving the city. Loan amounts average approximately $392,728. The average rate for private loans in Dickey is 10.5%. The average loan issued in the city is for 21 months. The average origination fee added to the loans is 2.7%. 71% is the median loan-to-value (LTV) for for loans in Dickey.
Loan Example 1
Tommy is an investor in Dickey, ND. He locates an older property and decides to renovate it and flip it for a profit. The house costs $200,000 but he does not have the full amount so he takes out a bridge loan with Number One Funding Corporation. The lender agrees to write a loan with a 70% loan to value (LTV) so they are willing to loan $140,000 on the project. The loan is interest only, with monthly payments, and is for 12 months at 12% interest with 2 origination points paid at the closing.
Tommy will have to contribute $60,000 at the closing (30% on the 70% loan to value), plus he will need to pay the $2,800 origination fee. Number One Funding Corporation will collect $1,400 in monthly interest payments from the borrower. This is computed by taking the full loan amount of $140,000, multiplying by the 12% rate of interest, and then dividing that number by 12. If he sells the remodeled house for $260,000 at the end of the 12 month term, his gross profit (not accounting for renovation costs) would be $40,400. This is computed by taking the sales price ($260,000) and subtracting the original principle ($140,000), the origination fee ($2,800), the money he contributed to closing ($60,000), and the total interest payments ($16,800).
Loan Example 2
Lawrence locates a house in Dickey, ND to renovate and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Green Fern Investment Group with the following parameters:
$400,000 sales price
75% loan-to-value (LTV)
12 month term
10% interest rate
1% origination fee
If Lawrence achieves his goal of a $520,000 sales price, the outcome of the project will be as follows:
$520,000 sales price
- $300,000 note principle (75% LTV)
- $100,000 cash paid at closing (25% on 75% LTV)
- $3,000 origination points (1% of the $300,000 principle)
- $30,000 interest payments (12 months x 10% interest)
-----------------------
= $87,000 gross profit (doesn't include taxes or renovation costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
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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