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Bridge Loans in Fairmount, North Dakota
Fairmount, ND has 18 private money bridge lenders in the city. Loan amounts average approximately $448,215. The mean rate for loans in Fairmount is 10.9%. The mean length for loans is 21 months. The mean origination for loans is 3.3 points. Lenders typically offer a 74% loan-to-value on loans in Fairmount.
Loan Example 1
Duane finds a condo in Fairmount, ND to rehab and sell. Since he does not have enough cash available to purchase the $150,000 property outright, he decides to take out a hard money bridge loan from Top Dog Funding Group. The borrower will need to contribute 50% of the sales price in cash to closing based on a 50% loan-to-value stipulated by the lending company. This makes the loan principle from Top Dog Funding Group $75,000. The parameters of the note also include a one point origination fee which is to be paid at closing and a 6 month, interest only note with a 12% interest rate.
Accordingly, Duane will need to make a $75,000 down payment plus pay a $750 origination fee. Top Dog Funding Group will collect $750 in monthly interest from the borrower. This is computed by taking the total loan value of $75,000, multiplying by the 12% interest rate, and then dividing that amount by 12. At the expiration of the note, he sells the rehabed property for $210,000. After deducting the $4,500 in interest expenses ($750 multiplied times 6 months), the $750 origination fee, the $75,000 principle amount on the note, and the $75,000 he contributed to closing, he will make a gross profit of $54,750 ($210,000 price minus $155,250 in costs). This profit would then be reduced by any building costs paid by the borrow.
Loan Example 2
Marc finds a townhouse in Fairmount, ND to renovate and resell. Because he does not have enough cash to buy the property outright, he takes a bridge loan from Fair View Investment Company with the following parameters:
$150,000 purchase price
75% loan to value (LTV)
18 month term
12% interest rate
3% origination fee
Marc plans to list the house when the note expires for $217,500. If he achieves this goal, the outcome will be as follows:
$217,500 sales price
- $112,500 principle on note (75% LTV)
- $37,500 down payment (25% on 75% LTV)
- $3,375 origination fee (3% of the $112,500 principle amount)
- $20,250 total interest paid (18 months x 12% interest)
-----------------------
= $43,875 total profit (doesn't include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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
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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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Primeau Funding
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11 Capital Finance
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