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Bridge Loans in Pillsbury, North Dakota
There are 16 private money lenders serving Pillsbury, ND. The median amount for loans in the city is $417,188. The median rate for private loans in Pillsbury is 10.9%. The median note issued in this city is 19 months in length. The average hard money loan offered in the city includes a 3.6 percent origination charge. 73% is the median loan to value (LTV) for offered by lenders in Pillsbury.
Loan Example 1
Morgan finds a duplex in Pillsbury, ND to remodel and resell. Since she does not have enough cash available to buy the $300,000 house outright, she decides to take out a private money bridge loan from Fair View Finance Company. The loan to value (LTV) on the loan is 85%. This means Morgan will have to bring 15% of the sales price to the closing and the principle will be $255,000 on the deal. The deal also includes these features: 1) a 18 month term, 2) a 8% interest only note, and 3) a one point origination fee.
Therefore, Morgan will be required to make a $45,000 down payment plus pay a $2,550 origination fee. The monthly interest only payments will then total $1,700 to Fair View Finance Company. At the end of the loan, she sells the renovated property for $450,000. After deducting the $30,600 in total interest payments ($1,700 multiplied by 18 months), the $2,550 origination fee, the $255,000 principle on the loan, and the $45,000 she brought to the closing, she will earn a total profit of $116,850 ($450,000 price minus $333,150 in costs). This profit would be reduced by any building costs paid out of pocket.
Loan Example 2
Fortune Investment Corporation issues a bridge loan to Jimmy for a renovation project in Pillsbury, ND. The loan dictates the following:
a) A $300,000 sales price, b) a 55% loan-to-value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 4% origination fee.
If Jimmy succeeds in his goal of a $360,000 sales price, the outcome of the project will be the following:
$360,000 sales price
- $165,000 loan principle (55% LTV)
- $135,000 down payment (45% on 55% LTV)
- $6,600 origination points (4% of the $165,000 principle amount)
- $24,750 interest payments (18 months x 10% interest)
-----------------------
= $28,650 gross profit (does not include taxes or rehab 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
REI Niche Programs - CA NO appraisal 1st position loans - 65% LTV; 2nd position loans - 60% CLTV, NO minimum FICO, Defaults, foreclosure bail-outs, and bankruptcies OK, 6 mo prepay, cross multiple properties, Rural lower LTVs on a case-by-case ...
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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