
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
There are 19 hard money lenders operating in Grand Forks, ND. The average note issued is about $282,500. The average rate for hard money loans in Grand Forks is 10.2%. The median length offered for loans is 30 months. The average origination for loans is 4.5 percent. Lenders typically offer a 70% loan to value on hard money loans in Grand Forks.
Uptown Lending makes a private money loan to Vivian for a rehab project in Grand Forks, ND, on a property that is listed for $390,000. The terms of the loan include a 75% loan to value (LTV), so she must bring 25% of the price as cash to closing, making the principle note amount $292,500. The parameters of the deal also stipulate a four point origination fee which will be paid at the closing and a 6 month, interest only note with a 9% interest rate.
Accordingly, Vivian will need to make a $97,500 down payment in addition to paying a $11,700 origination fee. After the deal closes, she will need to pay the lender $2,194 in monthly interest fees, or 9% times $292,500 divided by 12 months in the year. Vivian's intention is to finish the renovation by the end of the 6 months and re-sell it for $507,000. If she succeeds she will earn a gross profit of $92,138 ($507,000 price - $292,500 principle amount - $97,500 cash at closing - $11,700 origination points - $13,163 in interest.
Troy takes out a private money loan from Blue Door Funding in order to remodel a townhome to resell in Grand Forks, ND. The deal has the following parameters:
$230,000 sales price
80% loan-to-value (LTV)
18 month term
10% interest rate
3% origination fee
Based on a $276,000 sales price at the end of the 18 month term, the final numbers for this project would look like this:
$276,000 sales price
- $184,000 loan principle (80% LTV)
- $46,000 cash paid at closing (20% on 80% LTV)
- $5,520 origination fee (3% of the $184,000 principle amount)
- $27,600 interest payments (18 months x 10% interest)
-----------------------
= $12,880 total profit (doesn't include taxes or rehab 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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