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Bridge Loans in Center, North Dakota
Center, ND has 18 hard money bridge lenders operating in the city. The average loan issued is around $443,056. Rates for hard money loans average around 10.3%. The mean term for loans is 26 months. The mean loan includes a 2.5 percent origination cost. The average loan-to-value (LTV) for loans in Center is 71%.
Loan Example 1
Edna takes a bridge loan from Blue Sky Finance Company in order to remodel a condo to resale in Center, ND. The price of the house is $250,000. The lender agrees to make a note with a 80% loan-to-value (LTV) so they are willing to loan $200,000 on the property. The parameters of the deal dictate a 14% note for 18 months. They also require a 3 point origination fee, that will also need to be paid at closing.
In addition to paying the $6,000 origination fee, Edna will also need to fund $50,000 of the purchase with her own funds, or 20% of the purchase price. After the loan closes, she will pay the lender $2,333 in monthly interest fees, or 14% multiplied by $200,000 divided by 12 months in a year. At the expiration of the note, she sells the renovated house for $350,000. After subtracting the $42,000 in total interest payments ($2,333 multiplied by 18 months), the $6,000 origination fee, the $200,000 principle on the note, and the $50,000 she brought to closing, she will earn a gross profit of $52,000 ($350,000 price minus $298,000 in total costs). This amount would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
Judy is a real estate investor in Center, ND. She buys a run-down townhouse for a remodeling project and obtains a hard money bridge loan from East Side Investment Company with the following paramters:
$330,000 sales price
55% loan to value (LTV)
12 month term
13% rate of interest
2% origination fee
After the rehab project is complete, if Judy sells the project for $429,000, the final numbers would be as follows:
$429,000 sales price
- $181,500 principle on note (55% LTV)
- $148,500 cash paid at closing (45% on 55% LTV)
- $3,630 origination points (2% of the $181,500 principle)
- $23,595 total interest paid (12 months x 13% interest)
-----------------------
= $71,775 gross profit (doesn't 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
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Center Street Lending
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Rapid Commercial Loans
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Stratton Equities
28 Bloomfield Avenue
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Flip N Fast Loans
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New Silver
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Velocity Mortgage Capital
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Gokapital Mortgage
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Primeau Funding
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11 Capital Finance
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