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Bridge Loans in Hoople, North Dakota
Hoople, ND has 16 private money bridge lenders in the city. Note amounts average approximately $575,000. Rates for private loans average 10.4%. 21 months is the median term for loans issued in this city. The mean points added to the loans is 3.0%. The median loan-to-value offered for loans in Hoople is 76%.
Loan Example 1
Rodney closes on a $170,000 rehab project in Hoople, ND, using a bridge loan from West End Funding Company. The lender agrees to issue a note with a 50% loan-to-value (LTV) so they are willing to loan $85,000 on the project. The deal also includes these features: 1) a 6 month term, 2) a 9% interest only note, and 3) a three percent origination fee.
According to the terms of the note, Rodney will be required to contribute a $2,550 origination fee plus 50% of the purchase price, or $85,000, since there is a 50% LTV. Once the deal closes, he will need to pay the lender $638 in monthly interest payments, or 9% times $85,000 divided by 12 months in the year. If Rodney sells the project for $229,500 after 6 months, he would then make a gross profit of $53,125 after subtracting the principle amount of $85,000, the money paid at closing of $85,000, the origination fee of $2,550, and the aggregate interest payments of $3,825. This gross profit does not account for remodeling costs.
Loan Example 2
Alexandria is a an investor in Hoople, ND. She purchases a run-down house for a renovation project and takes a bridge loan from GJ Finance Group with the following features:
a) A $180,000 purchase price, b) a 60% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
If Alexandria succeeds in her goal of a $261,000 sales price, the outcome of the project would be as follows:
$261,000 sales price
- $108,000 note principle (60% LTV)
- $72,000 cash paid at closing (40% on 60% LTV)
- $4,320 origination fee (4% of the $108,000 principle amount)
- $22,680 interest payments (18 months x 14% interest)
-----------------------
= $54,000 gross profit (doesn't include taxes or rehab 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
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Harbor Private Equity
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Patch Lending
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Stratton Equities
28 Bloomfield Avenue
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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
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
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75 Arlington Street, Suite 500
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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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