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Bridge Loans in Forest River, North Dakota
Forest River, ND has 18 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)
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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Calabasas, CA 91302
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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
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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Secured Investment Lending
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Center Street Lending
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Rapid Commercial Loans
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
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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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Roc Capital
645 Madison Ave
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Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
10575 N. 114th St. Suite 103
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Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
20 West Vine Street #575
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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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