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Bridge Loans in Ryder, North Dakota
Ryder, ND has 18 hard money bridge lenders offering loans in the city. In this city, the mean amount loaned is $397,250. Interest rates on hard money loans made to Ryder investors average 10.9%. 13 months is the mean length for loans issued in this city. The mean origination fee applied to loans is 3.2%. The median loan to value (LTV) for loans in Ryder is 72%.
Loan Example 1
Ronald is a real estate investor in Ryder, ND. He locates a run-down property for sale and wants to rehab it and flip it for a profit. The property costs $230,000 but he doesn't have the full amount so he takes out a private money bridge loan with Credence Lending Group. The terms of the loan include a 70% loan to value (LTV), so he must bring 30% of the price as cash to closing, making the principle note amount $161,000. The parameters of the loan dictate a 8% note for 6 months. They also stipulate a 2 point origination fee, which will also be paid at closing.
Accordingly, Ronald will be required to contribute a $69,000 down payment in addition to paying a $3,220 origination fee. Credence Lending Group will collect $1,073 in monthly interest payments from the Ronald. This is calculated by taking the total note value of $161,000, multiplying by the 8% interest rate, and then dividing that amount by 12. If he sells the remodeled project for $310,500 at the end of the 6 month term, his gross profit (not including remodeling expenses) would be $70,840. This is calculated by taking the purchase price ($310,500) and subtracting the original principle ($161,000), the origination fee ($3,220), the cash he contributed to closing ($69,000), and the total interest expenses ($6,440).
Loan Example 2
Cleo locates a townhouse in Ryder, ND to renovate and sell. Since she does not have enough cash to buy the property outright, she takes a hard money bridge loan from XYZ Finance with the following parameters:
$220,000 purchase price
70% loan to value (LTV)
6 month term
14% rate of interest
5% origination fee
Cleo intends to list the project when the note expires for $308,000. If she succeeds, the final numbers will be the following:
$308,000 sales price
- $154,000 note principle (70% LTV)
- $66,000 cash paid at closing (30% on 70% LTV)
- $7,700 origination fee (5% of the $154,000 principle amount)
- $10,780 interest payments (6 months x 14% interest)
-----------------------
= $69,520 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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Anchor Loans
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Kiavi
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Pittsburgh, PA 15212
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Patch Lending
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Center Street Lending
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Rapid Commercial Loans
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Stratton Equities
28 Bloomfield Avenue
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Flip N Fast Loans
4445 Corporation Ln Suite 264
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New Silver
2475 Albany Ave #203B
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REI Capital
5660 Strand Court
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Gokapital Mortgage
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Miami, FL 33145
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
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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
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