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Bridge Loans in New Salem, North Dakota
New Salem, ND has 18 lenders operating within the city. The mean note issued to borrowers is around $678,125. Rates for hard money loans average around 9.4%. The typical note issued in the city is for 22 months. A typical hard money loan offered in the city carries a 2.4 point origination fee. Lenders in New Salem average a 74% loan to value on their deals.
Loan Example 1
Jordan closes on a $200,000 renovation project in New Salem, ND, using a private money bridge loan from Big Money Finance. The loan-to-value (LTV) on the note is 75%. This means that Jordan will bring 25% of the purchase price to closing and the principle amount will be $150,000 on the loan. The terms of the loan also include a two point origination fee which will be paid at closing and a 12 month, interest only note with a 8% rate of interest.
Jordan will have to contribute $50,000 to the closing (25% on the 75% loan-to-value), plus he will need to pay the $3,000 origination fee. After the loan is executed and Jordan takes the project, he will have to begin making payments each month of $1,000 to the lender ($150,000 principle x 8% / 12 months). If he sells the remodeled project for $280,000 at the end of the 12 month term, his gross profit (not including rehab costs) would be $65,000. This is computed by taking the purchase price ($280,000) and subtracting the original note amount ($150,000), the origination cost ($3,000), the money he brought to closing ($50,000), and the total interest payments ($12,000).
Loan Example 2
Jim is a an investor in New Salem, ND. He purchases a run-down townhouse for a renovation project and obtains a private money bridge loan from J & T Finance with the following terms:
a) A $290,000 sales price, b) a 80% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 1% origination fee.
Assuming a $420,500 sales price after the 12 month term, the outcome for the project would look like this:
$420,500 sales price
- $232,000 principle on note (80% LTV)
- $58,000 down payment (20% on 80% LTV)
- $2,320 origination fee (1% of the $232,000 principle)
- $18,560 interest payments (12 months x 8% interest)
-----------------------
= $109,620 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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