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Bridge Loans in Cleveland, North Dakota
There are 16 private money lenders operating in Cleveland, ND. The mean amount for loans in the city is $617,500. Interest rates for hard money loans average around 10.5%. 25 months is the mean term for loans issued in this city. The average hard money loan made in the city includes a 3.3 point origination fee. Lenders typically offer a 68% loan-to-value on deals in Cleveland.
Loan Example 1
Susana finds a townhouse in Cleveland, ND to renovate and re-sell. Since she doesn't have enough cash on-hand to purchase the $240,000 project outright, she decides to take out a hard money bridge loan from Affluent Investments. The terms of the loan include a 70% loan to value (LTV), so she must bring 30% of the price as cash at closing, making the principle loan amount $168,000. The loan is interest-only, with monthly payments, and is for 6 months at 10% interest with 2 points paid when the deal closes.
By the parameters of the loan, Susana will have to pay a $3,360 origination fee in addition to 30% of the sales price, or $72,000, since there is a 70% LTV. she must then pay $1,400 per month to Affluent Investments. Susana's plan is to complete the project by the end of the 6 months and re-sell it for $300,000. If she succeeds she will earn a profit of $48,240 ($300,000 price - $168,000 principle amount - $72,000 funds brough to closing - $3,360 origination points - $8,400 in total interest paid.
Loan Example 2
Brad takes a bridge loan from Acme Investment Company so he can rehab a townhouse to resell in Cleveland, ND. The loan has the following terms:
a) A $340,000 sales price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 1% origination fee.
If Brad succeeds in his goal of a $493,000 sales price, the outcome of the deal will be the following:
$493,000 sales price
- $221,000 principle (65% LTV)
- $119,000 cash paid at closing (35% on 65% LTV)
- $2,210 origination points (1% of the $221,000 principle amount)
- $24,310 total interest paid (12 months x 11% interest)
-----------------------
= $126,480 gross profit (does not include taxes or renovation costs)
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
Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $7.1 Billion life-to-date in total loan volume to real estate investors. ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
Patch Lending
15000 Ventura Blvd Ste 300
Sherman Oaks, CA 91403
Patch Lending (formally Patch of Land) is a national private lender offering real estate investors fast and reliable financing for investment properties. Patch offer short-term single-family and multi-family bridge, fix & flip, ground-up construction, and long-term rental property financing. They ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...
Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
Stratton Equities is the Leading Nationwide Direct Private Money & NON-QM Mortgage Lender that specializes in fast and flexible lending processes. We have the largest library of private money and NON-QM nationwide loan programs under one roof. Our team is ...
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
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
Roc Capital
645 Madison Ave
New York City, NY 10022
Headquartered in New York, NY, Roc Capital is a lender offering loans all across the United States. They offer fix-and-flip loans, private refinancing, bridge loans, and commercial loans. Their loan guidelines are flexible, including rates starting at 7.49% , loan ...
Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
Gokapital, Inc. is a Miami, FL based private lender who provides funding all throughout the US.Providing lending solutions for a variety of situations, including loans for rental properties, cash out, hard money loans, fix-and-flip loans, hard money loans for commercial ...
Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
Edward Voccola & Co is hard money lender based in Boston, MA. They provide funding all throughout the US. They provide lending solutions for a variety of scenarios, including builder loans, hard money bridge loans, and ...
11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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