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Bridge Loans in Harwood, North Dakota
Harwood, ND has 16 hard money lenders operating in the city. The mean amount loaned is $367,778. Interest rates for hard money loans average 9.9%. The typical loan made in the city has a length of 23 months. The average origination fee for the loans is 2.7 percent. Lenders typically offer a 73% loan to value on hard money loans in Harwood.
Loan Example 1
Aida closes on a $340,000 rehab project in Harwood, ND, using a private money bridge loan from West Side Investments. The loan to value (LTV) on the deal is 85%. This means Aida will have to bring 15% of the sales price to the closing and the principle will be $289,000 on the loan. The loan is interest-only, paid monthly, and is for 12 months at 8% interest with 3 origination points to be paid when the deal closes.
Aida will need to contribute $51,000 to closing (15% on the 85% loan to value), plus she will have to pay the $8,670 origination fee. The lender will collect $1,927 in monthly interest from the Aida. This is computed by taking the total loan amount of $289,000, multiplying by the 8% rate of interest, and then dividing that number by 12. Aida's plan is to finish the house within the 12 months and resell it for $476,000. If she succeeds she will collect a gross profit of $104,210 ($476,000 price - $289,000 principle - $51,000 cash at closing - $8,670 origination fee - $23,120 in interest.
Loan Example 2
Rehabbers Lending Corporation makes a hard money bridge loan to Ruben for a remodeling project in Harwood, ND. The deal dictates the following:
a) A $210,000 sales price, b) a 55% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 5% origination fee.
Ruben plans to sell the project at the end of the term for $262,500. If he achieves this goal, the outcome would be as follows:
$262,500 sales price
- $115,500 principle on note (55% LTV)
- $94,500 cash paid at closing (45% on 55% LTV)
- $5,775 origination fee (5% of the $115,500 principle amount)
- $4,620 total interest paid (6 months x 8% interest)
-----------------------
= $42,105 gross profit (doesn't 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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