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Bridge Loans in Dickinson, North Dakota
There are 16 hard money lenders operating in Dickinson, ND. The average loan amount in this city is $455,556. The average interest rate for loans in Dickinson is 10.8%. The median term offered for loans is 18 months. A typical loan issued in this city includes a 1.7 percent origination cost. 74% is the average loan-to-value (LTV) offered for offered by lenders in Dickinson.
Loan Example 1
Bonnie takes a hard money bridge loan from Allstar Funding in order to remodel a townhome to resale in Dickinson, ND. The price of the house is $290,000. Because the lender sets a 85% loan to value, Bonnie will have to put 15% down so the amount of the note will be $246,500. The note is interest-only, paid monthly, and is for 12 months at 9% interest with 1 points to be paid at closing.
By the terms of the note, Bonnie will have to pay a $2,465 origination fee in addition to 15% of the purchase price, or $43,500, since there is a 85% LTV. The lender will collect $1,849 in monthly interest from the Bonnie. This is calculated by taking the full note amount of $246,500, multiplying by the 9% interest rate, and then dividing that amount by 12. At the expiration of the loan, she sells the renovated house for $406,000. After subtracting the $22,185 in interest payments ($1,849 times 12 months), the $2,465 origination fee, the $246,500 principle amount on the loan, and the $43,500 she brought to the closing, she will earn a gross profit of $91,350 ($406,000 price minus $314,650 in costs). This profit would then be reduced by any renovation costs paid by the borrow.
Loan Example 2
Bobby takes a hard money bridge loan from South Side Finance Company so he can rehab a house to resell in Dickinson, ND. The loan has the following parameters:
$150,000 purchase price
65% loan-to-value (LTV)
12 month term
11% interest rate
3% origination fee
Once the rehab project is completed, if Bobby sells the house for $187,500, the final numbers would be the following:
$187,500 sales price
- $97,500 note principle (65% LTV)
- $52,500 cash paid at closing (35% on 65% LTV)
- $2,925 origination fee (3% of the $97,500 principle amount)
- $10,725 total interest paid (12 months x 11% interest)
-----------------------
= $23,850 total 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 ...
REI Capital
5660 Strand Court
Naples, FL 34110
REI Niche Programs - CA NO appraisal 1st position loans - 65% LTV; 2nd position loans - 60% CLTV, NO minimum FICO, Defaults, foreclosure bail-outs, and bankruptcies OK, 6 mo prepay, cross multiple properties, Rural lower LTVs on a case-by-case ...
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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