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Bridge Loans in Jamestown, North Dakota
Jamestown, ND has 18 hard money bridge lenders offering loans within the city. The average amount loaned is $615,000. Rates for hard money loans average about 9.8%. The typical term offered for notes is 24 months. The average note includes a 1.9 point origination cost. 72% is the mean loan to value (LTV) offered for for loans in Jamestown.
Loan Example 1
Barbara is an investor in Jamestown, ND. She discovers a run-down property and wants to remodel it and flip it for a profit. The house costs $210,000 but she does not have the full amount so she takes out a bridge loan with South Side Finance Group. The borrower will have to contribute 45% of the purchase price in cash to closing based on a 55% loan to value stipulated by the lending company. This makes the principle note from South Side Finance Group $115,500. The note is interest only, with monthly payments, and is for 18 months at 9% interest with 1 points to be paid at the closing.
The borrower must fund a total of $32,400 upon closing to cover the $94,500 down payment in addition to the $1,155 origination fee. The monthly interest only payments will then be $866 to the lender. If Barbara accomplishes her goal of a $262,500 sales price when the loan expires, she would earn a total profit of $35,753 after repaying the principle amount and subtracting the cash she contributed at closing, the origination points, and the monthly interest payments.
Loan Example 2
Alvin takes out a hard money bridge loan from Ocean View Investments so he can remodel a house to resell in Jamestown, ND. The deal has the following terms:
$160,000 purchase price
50% loan to value (LTV)
18 month term
13% rate of interest
1% origination fee
If Alvin achieves his goal of a $200,000 sales price, the outcome of the deal will be as follows:
$200,000 sales price
- $80,000 principle on note (50% LTV)
- $80,000 down payment (50% on 50% LTV)
- $800 origination points (1% of the $80,000 principle)
- $15,600 total interest paid (18 months x 13% interest)
-----------------------
= $23,600 gross profit (doesn't include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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Atlanta, GA 30309
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11 Capital Finance
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