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Bridge Loans in Glenburn, North Dakota
Glenburn, ND has 18 private money bridge lenders offering loans within the city. The median note issued to borrowers is approximately $526,389. The median rate for loans in Glenburn is 9.8%. The typical length for loans is 24 months. The average loan made in this city carries a 3.8 percent origination fee. 71% is the average loan to value for offered by lenders in Glenburn.
Loan Example 1
Tom finds a house in Glenburn, ND to flip and re-sell. Since he doesn't have enough cash available to buy the $180,000 project outright, he takes out a hard money bridge loan from River View Lending Group. The borrower will need to bring 25% of the purchase price in cash to the closing based on a 75% loan to value set by the lending company. This makes the principle amount from River View Lending Group $135,000. The note is interest-only, with monthly payments, and is for 12 months at 8% interest with 2 origination points to be paid at closing.
On top of the $2,700 origination fee, Tom will also have to fund $45,000 of the purchase with his own money, or 25% of the purchase price. he will then pay $900 per month to the lender. Assuming Tom sells the remodeled house for $225,000 at the end of the 12 month term, his gross profit (not accounting for rehab expenses) would be $31,500. This is calculated by taking the sales price ($225,000) and subtracting the original principle ($135,000), the origination cost ($2,700), the money he brought to closing ($45,000), and the total interest payments ($10,800).
Loan Example 2
Rosalind finds a property in Glenburn, ND to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a bridge loan from Oak Hill Lending with the following parameters:
a) A $310,000 purchase price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 4% origination fee.
If Rosalind achieves her goal of a $418,500 sales price, the final numbers of the deal would be the following:
$418,500 sales price
- $201,500 note principle (65% LTV)
- $108,500 down payment (35% on 65% LTV)
- $8,060 origination points (4% of the $201,500 principle)
- $9,068 total interest paid (6 months x 9% interest)
-----------------------
= $91,373 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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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
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
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Secured Investment Lending
1485 International Parkway, Suite 1031
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Center Street Lending
18201 Von Karman, Suite 400
Irvine, CA 92612
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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
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Roc Capital
645 Madison Ave
New York City, NY 10022
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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
East Haven, CT 06513
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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
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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