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Hard Money Loans in Drayton, North Dakota
Drayton, ND has 17 hard money lenders offering loans within the city. The mean note amount in the city is $284,375. Rates for private loans average 9.6%. 60 months is the mean length for loans issued in the city. The mean loan includes a 4.5 point origination charge. 69% is the typical LTV for offered by lenders in Drayton.
Loan Example 1
Kristie takes a private money loan from Fortune Lending in order to remodel a condo to resale in Drayton, ND. The price of the property is $160,000. The terms of the deal include a 75% loan to value (LTV), so she must contribute 25% of the price as cash to closing, which makes the principle loan amount $120,000. The terms of the deal dictate a 13% note for 12 months. They also require a 3 point origination fee, which will also have to be paid at closing.
In accordance with the parameters of the deal, Kristie will have to pay a $3,600 origination fee in addition to 25% of the purchase price, or $40,000, based on the 75% LTV. The lender will collect $1,300 in monthly interest from the Kristie. This is calculated by taking the full note amount of $120,000, multiplying by the 13% rate of interest, and then dividing that number by 12. Kristie's intention is to complete the renovation within the 12 months and re-sell it for $192,000. If she succeeds she will earn a total profit of $12,800 ($192,000 price - $120,000 principle amount - $40,000 cash paid at closing - $3,600 origination fee - $15,600 in total interest.
Loan Example 2
All State Lending Group makes a private money loan to Neil for a rehab project in Drayton, ND. The deal includes the following:
a) A $360,000 purchase price, b) a 55% loan to value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 1% origination fee.
Neil intends to sell the house when the note expires for $504,000. If he accomplishes his goal, the outcome would be as follows:
$504,000 sales price
- $198,000 loan principle (55% LTV)
- $162,000 down payment (45% on 55% LTV)
- $1,980 origination fee (1% of the $198,000 principle)
- $26,730 total interest paid (18 months x 9% interest)
-----------------------
= $115,290 gross profit (doesn't include taxes or renovation costs)
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
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $7.1 Billion life-to-date in total loan volume to real estate investors. ...
Next-Financing
6991 E Camelback Rd
Scottsdale, AZ 85251
Next-Financing is based in Scottsdale, Arizona and has a satellite office in Silicon Valley, California. They offer a wide array of financing options for businesses, including fix and flip loans and loans for rental properties. They lend on ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
Dominion Financial
32 S Street
Baltimore, MD 21202
Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C ...
COGO Capital
1121 E. Mullan Ave
Coeur d'Alene, IA 83814
Based in Coeur d'Alene, IA, COGO Capital is an asset-based lender providing loans in 45 states throughout the US. They provide private commercial loans, fix-and-flip loans, and loans for investments properties. Their loan guidelines are flexible, including ...
Patch Lending
15000 Ventura Blvd Ste 300
Sherman Oaks, CA 91403
Patch Lending (formally Patch of Land) is a national private lender offering real estate investors fast and reliable financing for investment properties. Patch offer short-term single-family and multi-family bridge, fix & flip, ground-up construction, and long-term rental property financing. They ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...
Figure.com
650 California Street, Suite 2700
San Francisco, CA 94108
At Figure, we're transforming home equity by creating a faster, simpler and more transparent way to meet your financial goals. Learn how to use the equity in your home to consolidate debt, pay for home improvement, or fund your goals. ...
National Advance Group
1 Linden Place
Great Neck, NY 11021
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
Rapid Commercial Loans
6136 Frisco Square suite 433
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 ...
AMUSA Commercial Capital
301 Commerce Street Ste. 1420
Fort Worth, TX 76102
AMUSA Commercial Capital is a Dallas, TX based private money lender. They provide funding throughout the country. Their lending focus is mainly on non-bankable commercial real estate loans and Investment 1 to 4 loans. Their loan guidelines are flexible, including ...
ABC Capital Investments
1218 N. Marshall Street
Philadelphia, PA 19122
ABC Capital Investments is a Philadelphia, PA based private lender who offers loans all throughout the US. They provide lending solutions for many different scenarios, including long term rental property loans and short term fix and flip loans. ...
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. ...
Rental Home Financing
9465 Counselors Way, Suite 200
Indianapolis, IN 46240
Rental Home Financing is a private money lender headquartered in Indianapolis, IN offering funding in 26 states across the country. They provide lending solutions for a variety of scenarios, including refinancing, fix-and-flip loans, and loans for investments properties. ...
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