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Bridge Loans in Rogers, North Dakota
Rogers, ND has 18 hard money lenders serving the city. The median loan amount is $420,000. Rates on loans made to Rogers investors average 11.1%. 23 months is the median term for notes issued in this city. A typical loan issued in this city includes a 4.7 percent origination charge. Lenders typically offer a 69% loan-to-value (LTV) on deals in Rogers.
Loan Example 1
Edward is a house flipper in Rogers, ND. He finds an older property and wants to renovate it and sell it for a profit. The property costs $170,000 but he doesn't have the full amount so he obtains a hard money bridge loan with Suburban Investment Corporation. Because the lender sets a 85% loan to value, Edward will need to put 15% down so the total amount of the note will be $144,500. The note is interest-only, paid monthly, and is for 18 months at 13% interest with 5 origination points paid at the closing.
In accordance with the terms of the note, Edward will be required to pay a $7,225 origination fee plus 15% of the purchase price, or $25,500, since there is a 85% LTV. After the loan closes, he will have to pay the lender $1,565 in monthly interest fees, or 13% multiplied times $144,500 divided by 12 months in a year. If Edward sells the property for $204,000 after 18 months, he would earn a total profit of $-1,403 after subtracting the principle amount of $144,500, the money paid at closing of $25,500, the origination fee of $7,225, and the total interest payments of $28,178. This amount doesn't include renovation costs.
Loan Example 2
South Star Investment Company makes a hard money bridge loan to Carlos for a renovation project in Rogers, ND. The deal includes the following:
a) A $200,000 purchase price, b) a 50% loan to value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 3% origination fee.
Assuming a $240,000 sales price after the 18 month term, the outcome for this project would look like this:
$240,000 sales price
- $100,000 loan principle (50% LTV)
- $100,000 down payment (50% on 50% LTV)
- $3,000 origination points (3% of the $100,000 principle)
- $15,000 interest payments (18 months x 10% interest)
-----------------------
= $22,000 total 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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