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Bridge Loans in Minto, North Dakota
A total of 18 records for private money bridge lenders were found in Minto, ND. In this city, the median loan amount is $403,500. Rates on hard money loans issued to Minto borrowers average around 10.1%. The median loan issued in the city has a term of 21 months. The average origination for loans is 3.0 percent. 77% is the median loan to value (LTV) for offered by lenders in Minto.
Loan Example 1
Lawrence finds a condo in Minto, ND to remodel and re-sell. Since he does not have enough cash available to buy the $380,000 property outright, he takes out a bridge loan from Brook View Finance Corporation. The borrower will need to fund 25% of the sales price in cash to closing based on a 75% loan-to-value set by the lender. This makes the loan principle from Brook View Finance Corporation $285,000. The loan is interest only, with monthly payments, and is for 12 months at 9% interest with 1 origination points to be paid when the deal closes.
Lawrence will need to bring $95,000 at closing (25% on the 75% loan-to-value), plus he will need to pay the $2,850 origination fee. After the loan closes, he will need to pay Brook View Finance Corporation $2,138 in monthly interest payments, or 9% multiplied times $285,000 divided by 12 months in the year. At the end of the loan, he sells the rehabed house for $532,000. After subtracting the $25,650 in interest expenses ($2,138 multiplied times 12 months), the $2,850 origination fee, the $285,000 principle amount on the loan, and the $95,000 he brought to closing, he will make a gross profit of $123,500 ($532,000 price minus $408,500 in total costs). This profit would be reduced by any renovation costs paid by Lawrence.
Loan Example 2
Norma locates a house in Minto, ND to remodel and resell. Because she does not have enough cash to buy the property outright, she takes a hard money bridge loan from Assurance Finance with the following parameters:
$340,000 sales price
70% loan to value (LTV)
12 month term
10% rate of interest
3% origination fee
Based on a $459,000 sales price at the end of the 12 month term, the outcome for the project would look like the following:
$459,000 sales price
- $238,000 loan principle (70% LTV)
- $102,000 cash paid at closing (30% on 70% LTV)
- $7,140 origination fee (3% of the $238,000 principle)
- $23,800 interest payments (12 months x 10% interest)
-----------------------
= $88,060 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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Anchor Loans
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Kiavi
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Harbor Private Equity
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Center Street Lending
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Rapid Commercial Loans
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New Silver
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Primeau Funding
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75 Arlington Street, Suite 500
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11 Capital Finance
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