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Bridge Loans in Taylor, North Dakota
There are 18 private money lenders serving Taylor, ND. In this city, the mean amount for loans is $411,111. Interest rates for loans average around 11.6%. The mean length for notes is 16 months. The average loan issued in this city carries a 3.5 percent origination cost. 73% is the median loan to value (LTV) for for loans in Taylor.
Loan Example 1
Patty finds a house in Taylor, ND to renovate and sell. Since she does not have enough cash on-hand to purchase the $260,000 project outright, she takes out a private money bridge loan from South Star Investments. The terms of the deal include a 85% loan to value (LTV), so she must contribute 15% of the price as cash to closing, making the principle loan amount $221,000. The parameters of the deal dictate a 13% note for 18 months. They also stipulate a 1 point origination fee, which will also be paid when the property closes.
The borrower must bring a total of $32,400 upon closing to cover the $39,000 down payment in addition to the $2,210 origination fee. After the deal closes, she will need to pay South Star Investments $2,394 in monthly interest payments, or 13% multiplied times $221,000 divided by 12 months in a year. At the expiration of the loan, she sells the rehabed house for $364,000. After subtracting the $43,095 in total interest payments ($2,394 multiplied times 18 months), the $2,210 origination fee, the $221,000 principle amount on the loan, and the $39,000 she contributed to the closing, she will earn a gross profit of $58,695 ($364,000 sales price minus $305,305 in total costs). This profit would be reduced by any rehab costs paid out of pocket.
Loan Example 2
Rhoda is a real estate investor in Taylor, ND. She locates an older townhouse for a rehab project and takes out a bridge loan from Superior Funding with the following paramters:
$330,000 sales price
55% loan-to-value (LTV)
12 month term
11% rate of interest
2% origination fee
Assuming a $462,000 sales price at the end of the 12 month term, the outcome for the deal would look like the following:
$462,000 sales price
- $181,500 principle (55% LTV)
- $148,500 cash paid at closing (45% on 55% LTV)
- $3,630 origination fee (2% of the $181,500 principle amount)
- $19,965 interest payments (12 months x 11% interest)
-----------------------
= $108,405 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!
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