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Bridge Loans in Maxbass, North Dakota
Maxbass, ND has 18 hard money bridge lenders in the city. The mean note issued is around $783,334. Rates on private loans made to Maxbass borrowers average about 10.8%. The typical loan issued in the city is 26 months in length. The average origination fee for loans is 6.8 percent. The mean loan-to-value (LTV) offered for loans in Maxbass is 69%.
Loan Example 1
Caroline finds a property in Maxbass, ND to rehab and re-sell. Since she does not have enough cash on-hand to purchase the $350,000 property outright, she decides to take out a hard money bridge loan from Downtown Lending Company. As the lender sets a 80% loan-to-value, Caroline will be required to put 20% down and the amount of the loan will be $280,000. The deal also has these features: 1) a 18 month term, 2) a 9% interest-only note, and 3) a one point origination fee.
In addition to paying the $2,800 origination fee, Caroline will also have to fund $70,000 of the purchase with her own funds, or 20% of the sales price. The lender will collect $2,100 in monthly interest from the Caroline. This is calculated by taking the total loan amount of $280,000, multiplying by the 9% rate of interest, and then dividing that amount by 12. Assuming she sells the remodeled house for $420,000 at the end of the 18 month term, her gross profit (not accounting for rehab costs) would be $29,400. This is calculated by taking the sales price ($420,000) and subtracting the original note amount ($280,000), the origination fee ($2,800), the funds she contributed to closing ($70,000), and the total interest payments ($37,800).
Loan Example 2
Fred is a an investor in Maxbass, ND. He purchases an older townhouse for a rehab project and takes a hard money bridge loan from Deep Lake Funding Company with the following features:
$380,000 sales price
50% loan to value (LTV)
12 month term
10% interest rate
5% origination fee
After the renovation project is completed, if Fred sells the house for $570,000, the outcome would be the following:
$570,000 sales price
- $190,000 principle on note (50% LTV)
- $190,000 down payment (50% on 50% LTV)
- $9,500 origination fee (5% of the $190,000 principle amount)
- $19,000 total interest paid (12 months x 10% interest)
-----------------------
= $161,500 total 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!
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