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Bridge Loans in Nome, North Dakota
There are 16 private money lenders operating in Nome, ND. The mean loan made is around $400,000. Interest rates for private loans average around 11.3%. The average loan made in the city is 23 months in length. The average origination fee added to loans is 4.5%. Lenders typically offer a 73% loan to value on hard money loans in Nome.
Loan Example 1
Vickie is an investor in Nome, ND. She finds a run-down property and decides to remodel it and flip it for a profit. The house costs $240,000 but she doesn't have the full amount so she obtains a hard money bridge loan with Assurance Investment Company. The terms of the deal include a 70% loan-to-value (LTV), so she must contribute 30% of the price as cash to closing, which makes the principle note amount $168,000. The interest rate on the loan is 10% for a length of 18 months and the company requires a two 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 sale of the property.
Vickie will need to contribute $72,000 at the closing (30% on the 70% loan-to-value), plus she will need to pay the $3,360 origination fee. Once the deal is closed and Vickie takes over the project, she will need to begin making payments each month of $1,400 to Assurance Investment Company ($168,000 principle x 10% / 12 months). Assuming Vickie sells the renovated house for $324,000 at the end of the 18 month term, her total profit (not including renovation costs) would be $55,440. This is computed by taking the sales price ($324,000) and subtracting the principle ($168,000), the origination cost ($3,360), the cash she contributed to closing ($72,000), and the total interest payments ($25,200).
Loan Example 2
Kristen is a real estate investor in Nome, ND. She buys an older townhouse for a renovation project and takes out a bridge loan from Number One Finance Group with the following terms:
a) A $390,000 sales price, b) a 85% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 3% origination fee.
Once the rehab project is completed, if Kristen sells the house for $526,500, the outcome would be as follows:
$526,500 sales price
- $331,500 note principle (85% LTV)
- $58,500 cash paid at closing (15% on 85% LTV)
- $9,945 origination points (3% of the $331,500 principle amount)
- $36,465 interest payments (12 months x 11% interest)
-----------------------
= $90,090 gross profit (doesn't include taxes or renovation costs)
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $7.1 Billion life-to-date in total loan volume to real estate investors. ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
Patch Lending
15000 Ventura Blvd Ste 300
Sherman Oaks, CA 91403
Patch Lending (formally Patch of Land) is a national private lender offering real estate investors fast and reliable financing for investment properties. Patch offer short-term single-family and multi-family bridge, fix & flip, ground-up construction, and long-term rental property financing. They ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...
Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
Stratton Equities is the Leading Nationwide Direct Private Money & NON-QM Mortgage Lender that specializes in fast and flexible lending processes. We have the largest library of private money and NON-QM nationwide loan programs under one roof. Our team is ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
REI Capital
5660 Strand Court
Naples, FL 34110
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
Gokapital Mortgage
2150 Coral Way | Suite 1A
Miami, FL 33145
Gokapital, Inc. is a Miami, FL based private lender who provides funding all throughout the US.Providing lending solutions for a variety of situations, including loans for rental properties, cash out, hard money loans, fix-and-flip loans, hard money loans for commercial ...
Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
Edward Voccola & Co is hard money lender based in Boston, MA. They provide funding all throughout the US. They provide lending solutions for a variety of scenarios, including builder loans, hard money bridge loans, and ...
11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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