With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Bridge Loans in South Heart, North Dakota
South Heart, ND has 18 private money lenders issuing loans in the city. Loan amounts average approximately $556,875. The average interest rate for loans in South Heart is 11.2%. The typical length offered for loans is 23 months. The average loan offered in this city carries a 4.0 point origination charge. Lenders typically offer a 73% loan to value on hard money loans in South Heart.
Loan Example 1
Greg is a real estate investor in South Heart, ND. He discovers a run-down property for sale and decides to renovate it and flip it for a profit. The property has a cost of $190,000 but he does not have the full amount so he takes out a bridge loan with Big Lake Funding Corporation. Because the lender sets a 75% loan to value, Greg will be required to put 25% down so the total amount of the note will be $142,500. The note is interest only, with monthly payments, and is for 18 months at 10% interest with 5 origination points paid at closing.
In accordance with the parameters of the loan, Greg will be required to pay a $7,125 origination fee plus 25% of the purchase price, or $47,500, since there is a 75% LTV. he must then pay $1,188 monthly to Big Lake Funding Corporation. At the expiration of the loan, he sells the renovated property for $237,500. After deducting the $21,375 in total interest payments ($1,188 multiplied times 18 months), the $7,125 origination fee, the $142,500 principle on the loan, and the $47,500 he brought to the closing, he will earn a gross profit of $19,000 ($237,500 sales price minus $218,500 in total costs). This profit would be reduced by any building costs paid by the borrow.
Loan Example 2
Frontera Funding Group issues a bridge loan to Violet for a remodeling project in South Heart, ND. The deal dictates the following:
a) A $270,000 purchase price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 1% origination fee.
Assuming a $405,000 sales price after the 18 month term, the outcome for this deal would look like this:
$405,000 sales price
- $229,500 principle (85% LTV)
- $40,500 cash paid at closing (15% on 85% LTV)
- $2,295 origination points (1% of the $229,500 principle amount)
- $48,195 total interest paid (18 months x 14% interest)
-----------------------
= $84,510 total profit (does not include taxes or renovation costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
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Harbor Private Equity
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11 Capital Finance
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