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Bridge Loans in Richardton, North Dakota
A total of 18 records for hard money bridge lenders were found in Richardton, ND. In this city, the mean amount loaned is $442,188. The mean rate for private loans in Richardton is 9.7%. 21 months is the mean term for notes issued in the city. The mean loan includes a 2.4 point origination cost. 73% is the typical loan to value for for loans in Richardton.
Loan Example 1
April is an investor in Richardton, ND. She finds a run-down property for sale and decides to rehab it and flip it for a profit. The property has a cost of $330,000 but she doesn't have the full amount so she takes a hard money bridge loan with Credence Lending Company. Because the lender sets a 85% loan to value, April will be required to put 15% down so the principle amount of the loan will be $280,500. The parameters of the deal dictate a 14% note for 18 months. They also stipulate a 2 point origination fee, which will also be paid upon closing.
April will have to bring $49,500 to closing (15% on the 85% loan to value), plus she will pay the $5,610 origination fee. Once the deal closes, she will pay the lender $3,273 in monthly interest payments, or 14% multiplied times $280,500 divided by 12 months in the year. If April sells the project for $412,500 after 18 months, she would then realize a gross profit of $17,985 after subtracting the principle of $280,500, the cash paid at closing of $49,500, the origination fee of $5,610, and the total interest payments of $58,905. This profit doesn't include building costs.
Loan Example 2
Fair View Funding Corporation makes a hard money bridge loan to Virgie for a renovation project in Richardton, ND. The loan dictates the following:
a) A $290,000 sales price, b) a 75% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 3% origination fee.
Assuming a $435,000 sales price at the end of the 6 month term, the final numbers for the project would look like the following:
$435,000 sales price
- $217,500 note principle (75% LTV)
- $72,500 cash paid at closing (25% on 75% LTV)
- $6,525 origination fee (3% of the $217,500 principle amount)
- $14,138 total interest paid (6 months x 13% interest)
-----------------------
= $124,338 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
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. ...
Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
With more than $21B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors (REIs). Kiavi harnesses the power of data & technology to offer REIs a simpler, more reliable, and faster way ...
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 ...
Center Street Lending
18201 Von Karman, Suite 400
Irvine, CA 92612
Center Street Lending is a private lender headquartered in Irvine, CA offering loans throughout the country. We provide hard money loans for business purpose and non-owner occupied residential properties. Fix and flip, buy and hold, rental property loans, bridge and ...
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 ...
Velocity Mortgage Capital
11241 Willows Rd NE, Suite 120, Bldg C
Redmond, WA 98052
Velocity Mortgage Capital is a wholesale, nationwide lender for asset-based, investment real estate, lending since 2004. We never look at the tax returns or personal income statements of our borrowers. Instead, our focus is the income producing potential of the ...
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
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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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