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Bridge Loans in Davenport, North Dakota
Davenport, ND has 18 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)
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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Kiavi
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Pittsburgh, PA 15212
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Patch Lending
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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
4445 Corporation Ln Suite 264
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New Silver
2475 Albany Ave #203B
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Velocity Mortgage Capital
11241 Willows Rd NE, Suite 120, Bldg C
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Gokapital Mortgage
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Lend Some Money
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Primeau Funding
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Edward Voccola & Co
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Boston, MA 02116
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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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