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Bridge Loans in Sabin, Minnesota
There are 29 private money lenders operating in Sabin, MN. The average loan made to borrowers is about $302,084. Rates on private loans issued to Sabin borrowers average about 11.3%. 23 months is the average term for notes issued in the city. The average hard money loan made in this city carries a 2.6 percent origination charge. 70% is the mean loan to value (LTV) offered for for loans in Sabin.
Loan Example 1
Maritza takes a private money bridge loan from All American Finance Group in order to remodel a property to flip in Sabin, MN. The sales price of the house is $240,000. Because the lender sets a 80% loan to value, Maritza will be required to put 20% down and the total amount of the note will be $192,000. The rate on the note is 14% for a term of 12 months and the company requires a two point origination fee at the closing. The interest is to be paid monthly and the principle amount will be repaid after the sale of the property.
Maritza will have to bring $48,000 at the closing (20% on the 80% LTV), plus she will have to pay the $3,840 origination fee. After the deal is closed and Maritza takes over the project, she will have to begin making monthly payments of $2,240 to the lender ($192,000 principle x 14% / 12 months). At the expiration of the note, she sells the renovated house for $312,000. After subtracting the $26,880 in total interest payments ($2,240 multiplied times 12 months), the $3,840 origination fee, the $192,000 principle on the note, and the $48,000 she contributed to closing, she will make a gross profit of $41,280 ($312,000 price minus $270,720 in costs). This profit would then be reduced by any renovation costs paid out of pocket.
Loan Example 2
Chester finds a duplex in Sabin, MN to rehab and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Axis Lending Group with the following parameters:
$160,000 purchase price
85% loan-to-value (LTV)
12 month term
13% rate of interest
1% origination fee
Once the rehab project is complete, if Chester sells the house for $208,000, the numbers would be the following:
$208,000 sales price
- $136,000 note principle (85% LTV)
- $24,000 cash paid at closing (15% on 85% LTV)
- $1,360 origination fee (1% of the $136,000 principle)
- $17,680 total interest paid (12 months x 13% interest)
-----------------------
= $28,960 total profit (does not 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!
Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
Temple View Capital
7550 Wisconsin Ave. 10th Floor
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Stratton Equities
28 Bloomfield Avenue
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
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Kiavi
2 Allegheny Center, Nova Tower 2, Suite 200
Pittsburgh, PA 15212
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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New Silver
2475 Albany Ave #203B
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Secured Investment Lending
1485 International Parkway, Suite 1031
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Park Place Finance
500 West 2nd Suite 1900
Austin, TX 78701
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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LendingOne
901 Yamato Rd, Suite 150
Boca Raton, FL 33431
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TNS Loans
1101 W Mineral Ave. #101
Littleton, CO 80120
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T&M Commercial Funding
259 Minot Ave
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Center Street Lending
18201 Von Karman, Suite 400
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Pine Financial Group
10200 W. 44th Ave Suite 220
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Cherrywood Commercial
20955 Pathfinder Road, Suite 370
Diamnond Bar, CA 91765
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Rapid Commercial Loans
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Sunset Equity Funding
6125 Washington Blvd, 3rd Floor
Culver City, CA 90232
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4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
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5660 Strand Court
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
10575 N. 114th St. Suite 103
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75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
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YC Funding
1010 NE 2nd Ave
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Riverdale Funding
207 Mockingbird Ln, #402
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Source Capital
445 S. Figueroa Street, Suite 3199
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