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Hard Money Loans in Fairmount, North Dakota
Fairmount, ND has 17 hard money lenders offering loans in the city. The mean loan issued is around $290,625. Rates for loans average 9.9%. The mean note issued in the city has a length of 31 months. A typical loan made in this city carries a 4.5 point origination cost. Lenders offer on average a 66% loan to value on hard money loans in Fairmount.
Loan Example 1
Jesse is a house flipper in Fairmount, ND. He finds a run-down property for sale and decides to renovate it and resell it for a profit. The property costs $370,000 but he does not have the full amount so he takes out a private money loan with Pretty Perfect Investment Company. The loan to value (LTV) on the note is 60%. This means that Jesse will need to bring 40% of the sales price to closing and the principle amount will be $222,000 on the note. The parameters of the note also include a five point origination fee that will be paid at closing and a 12 month, interest-only note with a 10% interest rate.
On top of the $11,100 origination fee, Jesse will also have to fund $148,000 of the purchase with his own funds, or 40% of the sales price. Once the loan closes, he will pay Pretty Perfect Investment Company $1,850 in monthly interest payments, or 10% multiplied by $222,000 divided by 12 months in a year. If Jesse achieves his goal of a $499,500 total sales price when the loan term expires, he would earn a total profit of $96,200 after re-paying the principle and subtracting the cash he brought to closing, the origination points, and the total interest payments.
Loan Example 2
Leonard locates a townhouse in Fairmount, ND to renovate and sell. Because he does not have enough cash to buy the property outright, he takes a hard money loan from Trust Finance Corporation with the following parameters:
$300,000 purchase price
50% loan-to-value (LTV)
18 month term
10% rate of interest
1% origination fee
Once the renovation project is complete, if Leonard sells the property for $405,000, the numbers would be as follows:
$405,000 sales price
- $150,000 loan principle (50% LTV)
- $150,000 cash paid at closing (50% on 50% LTV)
- $1,500 origination fee (1% of the $150,000 principle amount)
- $22,500 interest payments (18 months x 10% interest)
-----------------------
= $81,000 total profit (doesn't include taxes or renovation costs)
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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 ...
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 ...
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. ...
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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