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Bridge Loans in Sheyenne, North Dakota
Sheyenne, ND has 18 private money bridge lenders operating in the city. The average amount for loans is $412,500. Interest rates on hard money loans issued to Sheyenne borrowers average 12.1%. The mean term for loans is 20 months. A typical hard money loan issued in the city includes a 3.2 point origination charge. The median LTV for loans in Sheyenne is 72%.
Loan Example 1
Tim closes on a $170,000 rehab project in Sheyenne, ND, using a private money bridge loan from Blue Mountain Investment Corporation. Since the lender sets a 65% loan-to-value, Tim will be required to put 35% down so the amount of the note will be $110,500. The parameters of the deal also stipulate a one point origination fee which will be paid at the closing and a 6 month, interest-only note with a 8% rate of interest.
Tim will have to bring $59,500 to the closing (35% on the 65% LTV), plus he will pay the $1,105 origination fee. he will then pay $737 per month to Blue Mountain Investment Corporation. At the expiration of the note, he sells the renovated house for $221,000. After deducting the $4,420 in interest payments ($737 multiplied times 6 months), the $1,105 origination fee, the $110,500 principle amount on the note, and the $59,500 he brought to the closing, he will earn a gross profit of $45,475 ($221,000 sales price minus $175,525 in total costs). This amount would then be reduced by any building costs paid by the borrow.
Loan Example 2
Joe locates a house in Sheyenne, ND to renovate and sell. Since he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Pretty Perfect Finance with the following parameters:
a) A $290,000 purchase price, b) a 80% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 5% origination fee.
Based on a $420,500 sales price after the 6 month term, the final numbers for the project would look like this:
$420,500 sales price
- $232,000 note principle (80% LTV)
- $58,000 cash paid at closing (20% on 80% LTV)
- $11,600 origination points (5% of the $232,000 principle amount)
- $9,280 interest payments (6 months x 8% interest)
-----------------------
= $109,620 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!
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
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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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Patch Lending
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Sherman Oaks, CA 91403
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Secured Investment Lending
1485 International Parkway, Suite 1031
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Center Street Lending
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Rapid Commercial Loans
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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
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Flip N Fast Loans
4445 Corporation Ln Suite 264
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New Silver
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Velocity Mortgage Capital
11241 Willows Rd NE, Suite 120, Bldg C
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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
10575 N. 114th St. Suite 103
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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
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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