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Bridge Loans in Gilby, North Dakota
Gilby, ND has 18 hard money bridge lenders operating in the city. The median note amount in the city is $365,000. Interest rates on hard money loans issued to Gilby borrowers average about 9.0%. The median loan issued in the city is for 25 months. A typical hard money loan offered in the city carries a 3.0 point origination cost. Lenders in Gilby average a 77% loan to value on their deals.
Loan Example 1
Georgia finds a townhome in Gilby, ND to renovate and re-sell. Since she does not have enough cash available to acquire the $240,000 property outright, she takes out a hard money bridge loan from Oak Hill Funding Corporation. The loan to value (LTV) on the deal is 80%. This means Georgia will have to bring 20% of the purchase price to the closing and the principle amount will be $192,000 on the note. The note is interest-only, paid monthly, and is for 18 months at 10% interest with 1 points paid at closing.
In addition to paying the $1,920 origination fee, Georgia will also need to fund $48,000 of the purchase with her own money, or 20% of the purchase price. Oak Hill Funding Corporation will collect $1,600 in monthly interest payments from the Georgia. This is computed by taking the full note amount of $192,000, multiplying by the 10% rate of interest, and then dividing that amount by 12. If she sells the renovated project for $288,000 at the end of the 18 month term, her gross profit (not including rehab expenses) would be $17,280. This is computed by taking the sales price ($288,000) and subtracting the original principle ($192,000), the origination cost ($1,920), the funds she brought to closing ($48,000), and the total interest expenses ($28,800).
Loan Example 2
Caroline takes a hard money bridge loan from Credence Investment Corporation in order to rehab a property to flip in Gilby, ND. The loan has the following parameters:
$200,000 purchase price
75% loan-to-value (LTV)
18 month term
9% interest rate
3% origination fee
Once the rehab project is finished, if Caroline sells the house for $260,000, the final numbers would be as follows:
$260,000 sales price
- $150,000 principle (75% LTV)
- $50,000 down payment (25% on 75% LTV)
- $4,500 origination fee (3% of the $150,000 principle amount)
- $20,250 interest payments (18 months x 9% interest)
-----------------------
= $35,250 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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11 Capital Finance
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