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Bridge Loans in Sterling, North Dakota
Sterling, ND has 18 private money bridge lenders offering loans within the city. Loan amounts average about $410,417. Interest rates for loans average 12.2%. The median term for loans is 25 months. The mean origination fee applied to the loans is 2.8%. 70% is the average loan to value for offered by lenders in Sterling.
Loan Example 1
Roger closes on a $160,000 rehab project in Sterling, ND, using a bridge loan from West End Investment Company. The lender agrees to make a note with a 50% loan to value (LTV) so they will loan $80,000 on the project. The interest rate on the loan is 9% for a term of 12 months and the company requires a four point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the property sells.
Roger will need to bring $80,000 to closing (50% on the 50% loan-to-value), plus he will need to pay the $3,200 origination fee. Once the loan is closed and Roger takes over the project, he will need to begin making monthly payments of $600 to West End Investment Company ($80,000 principle x 9% / 12 months). If he sells the rehabed house for $240,000 at the end of the 12 month term, his gross profit (not accounting for rehab costs) would be $69,600. This is computed by taking the purchase price ($240,000) and subtracting the original note amount ($80,000), the origination fee ($3,200), the cash he brought to closing ($80,000), and the total interest payments ($7,200).
Loan Example 2
Boom Funding makes a bridge loan to Yvette for a rehab project in Sterling, ND. The loan includes the following:
$310,000 sales price
85% loan to value (LTV)
12 month term
9% rate of interest
4% origination fee
Based on a $403,000 sales price at the end of the 12 month term, the final numbers for the project would look like this:
$403,000 sales price
- $263,500 note principle (85% LTV)
- $46,500 down payment (15% on 85% LTV)
- $10,540 origination fee (4% of the $263,500 principle amount)
- $23,715 total interest paid (12 months x 9% interest)
-----------------------
= $58,745 total profit (doesn't 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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