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Bridge Loans in Minnewaukan, North Dakota
Minnewaukan, ND has 18 hard money bridge lenders serving the city. In this city, the average amount loaned is $508,334. Rates on loans made to Minnewaukan borrowers average about 9.7%. The typical term for notes is 21 months. The average hard money loan made in this city includes a 3.6 percent origination fee. The median loan to value (LTV) for loans in Minnewaukan is 74%.
Loan Example 1
Presitge Finance Group makes a hard money bridge loan to Brittney for a renovation project in Minnewaukan, ND, on a house that is listed for $220,000. The borrower will be required to bring 50% of the purchase price in cash to the closing based on a 50% loan to value set by the lending company. This makes the principle amount from Presitge Finance Group $110,000. The loan also consists of these features: 1) a 18 month term, 2) a 12% interest-only note, and 3) a five percent origination fee.
Brittney will need to contribute $110,000 to closing (50% on the 50% loan-to-value), plus she will need to pay the $5,500 origination fee. Once the loan is executed and Brittney takes on the property, she will need to begin making payments each month of $1,100 to Presitge Finance Group ($110,000 principle x 12% / 12 months). If Brittney meets her goal of a $319,000 sales price when the loan expires, she would collect a gross profit of $73,700 after re-paying the principle on the note and deducting the cash she paid at closing, the origination points, and the monthly interest payments.
Loan Example 2
Todd is a real estate investor in Minnewaukan, ND. He buys a run-down townhouse for a remodeling project and obtains a hard money bridge loan from Forest Grove Lending Company with the following paramters:
a) A $200,000 purchase price, b) a 75% loan-to-value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 3% origination fee.
After the rehab project is completed, if Todd sells the property for $270,000, the numbers would be as follows:
$270,000 sales price
- $150,000 principle (75% LTV)
- $50,000 cash paid at closing (25% on 75% LTV)
- $4,500 origination points (3% of the $150,000 principle amount)
- $27,000 total interest paid (18 months x 12% interest)
-----------------------
= $38,500 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!
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Anchor Loans
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Harbor Private Equity
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Center Street Lending
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Stratton Equities
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New Silver
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Primeau Funding
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11 Capital Finance
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