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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!
Gilby, ND has 17 investment property private money lenders operating within the city. The median amount for loans is $384,722. Rates on hard money loans made to Gilby investors average about 11.3%. 35 months is the median term for loans issued in this city. The average origination fee applied to the loans is 3.3%. 74% is the median LTV for offered by lenders in Gilby.
Nellie is an investor in Gilby, ND. She finds a rental property to purchase for $330,000 but she is short on funds so she obtains a private loan from Yellow Sun Investment Group. Nellie and Yellow Sun Investment Group agree to a 70% loan to value (LTV) so they will loan 70% of the sales price and Nellie will have to come up with the remaining 30%. The loan also specifies a 3 year term with interest-only payments at 10%, and a 1 point origination fee. By this deal, Nellie will be required to fund $99,000 of her own funds into the deal along with the $2,310 origination fee (1% x $231,000 principle loan). She will also need to make interest payments of $1,925 per month.
Tim decides to purchase a rental house in Gilby, ND that is listed for $330,000. Since he is short on funds for the purchase and can't obtain a loan from a bank, he obtains a private money loan from Riverside Investment Company. Tim and Riverside Investment Company contract to a 65% loan to value (LTV) so they will fund 65% of the purchase price and Tim will have to come up with the remaining 35%. The other parameters of the loan are as follows: 1) a 1 year, interest only note, 2) a 8% interest rate, and 3) 4 origination points charged when the deal closes. Tim will need to pay $115,500 of his own money upon the close of the deal (based on the 65% LTV) in addition to the $8,580 in origination points (4% x the $214,500 principle), and he will then start paying $1,430 per month when the loan is executed.
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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Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
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