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Bridge Loans in Forest River, North Dakota
Forest River, ND has 16 hard money bridge lenders in the city. The average amount for loans is $520,834. Interest rates on private loans issued to Forest River borrowers average around 9.9%. 26 months is the average term for loans issued in the city. A typical hard money loan offered in the city carries a 4.3 percent origination cost. 75% is the median LTV offered for offered by lenders in Forest River.
Loan Example 1
Genevieve takes a bridge loan from All Star Finance in order to renovate a townhouse to flip in Forest River, ND. The sales price of the property is $310,000. Because the lender sets a 80% loan-to-value, Genevieve will be required to put 20% down so the total amount of the loan will be $248,000. The terms of the note also stipulate a one point origination fee that is to be paid at the closing and a 6 month, interest only note with a 13% rate of interest.
Genevieve will need to contribute $62,000 to the closing (20% on the 80% loan-to-value), plus she will pay the $2,480 origination fee. The monthly interest only payments will then be $2,687 to All Star Finance. Genevieve's intention is to complete the renovation within the 6 months and resell it for $418,500. If she succeeds she will make a profit of $89,900 ($418,500 price - $248,000 principle - $62,000 cash at closing - $2,480 origination points - $16,120 in total interest paid.
Loan Example 2
Willie finds a house in Forest River, ND to renovate and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money bridge loan from East Side Funding Group with the following parameters:
a) A $250,000 purchase price, b) a 50% loan-to-value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 1% origination fee.
Assuming a $325,000 sales price at the end of the 6 month term, the numbers for the project would look like the following:
$325,000 sales price
- $125,000 principle on note (50% LTV)
- $125,000 cash paid at closing (50% on 50% LTV)
- $1,250 origination fee (1% of the $125,000 principle amount)
- $8,750 total interest paid (6 months x 14% interest)
-----------------------
= $65,000 gross profit (does not include taxes or rehab 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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