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Bridge Loans in Davenport, North Dakota
Davenport, ND has 16 hard money lenders serving the city. The average note made is approximately $564,286. Interest rates for hard money loans average 11.0%. The mean note issued in the city is 18 months in length. The mean origination fee for the loans is 3.4 percent. 72% is the typical LTV for for loans in Davenport.
Loan Example 1
Cory takes a hard money bridge loan from Rolling Brook Lending Corporation in order to rehab a townhome to flip in Davenport, ND. The price of the property is $230,000. The terms of the note include a 50% loan to value (LTV), so he must contribute 50% of the price as cash to closing, which makes the principle note amount $115,000. The deal also has the following features: 1) a 18 month term, 2) a 14% interest-only note, and 3) a one percent origination fee.
According to the parameters of the note, Cory will have to pay a $1,150 origination fee plus 50% of the purchase price, or $115,000, based on the 50% LTV. After the deal is closed and Cory takes on the project, he will begin making monthly payments of $1,342 to the lender ($115,000 principle x 14% / 12 months). At the expiration of the note, he sells the renovated property for $333,500. After subtracting the $24,150 in interest payments ($1,342 multiplied by 18 months), the $1,150 origination fee, the $115,000 principle amount on the note, and the $115,000 he brought to the closing, he will make a gross profit of $78,200 ($333,500 sales price minus $255,300 in costs). This profit would then be reduced by any renovation costs paid by Cory.
Loan Example 2
Randall takes out a bridge loan from Victory Investment Company in order to renovate a townhome to flip in Davenport, ND. The loan has the following parameters:
a) A $270,000 sales price, b) a 75% loan to value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 4% origination fee.
Based on a $351,000 sales price at the end of the 18 month term, the final numbers for this project would look like the following:
$351,000 sales price
- $202,500 principle on note (75% LTV)
- $67,500 cash paid at closing (25% on 75% LTV)
- $8,100 origination points (4% of the $202,500 principle)
- $27,338 interest payments (18 months x 9% interest)
-----------------------
= $45,563 total profit (doesn't include taxes or renovation costs)
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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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