North Dakota Investment Property Loans
North Dakota has 6 investment property hard money lenders issuing loans in the state. Loan amounts average around $428,775. Interest rates on loans made to North Dakota investors average around 10.4%. The mean term offered for notes is 56 months. The average loan offered in the state includes a 3.3 point origination cost. 74% is the typical loan-to-value (LTV) offered for offered by lenders in North Dakota.
Loan Example 1
Deloris decides to purchase an investment property in Grand Forks, ND for $400,000 with a private loan from Victory Funding. Since there is a 75% loan-to-value (LTV) agreed to by the two parties, Deloris will need to pay the remaining 25% with her own money. In addition, they agree to a 3 year, interest only loan at a 9% rate of interest, with 3 origination points charged at the closing. Deloris will have to pay $100,000 of her own money at closing (based on the 75% LTV) along with the $9,000 origination fee (3% x the $300,000 principle), plus she will then start making payments of $2,250 monthly after the loan is closed.
Loan Example 2
Walter decides to acquire an investment property in Grand Forks, ND which costs $160,000. Since he doesn't have enough cash for the acquisition and is not able to secure a bank loan, he gets a private money loan from Famous Investment Group. Walter and Famous Investment Group contract to a 60% loan to value (LTV) so they will fund 60% of the sales price and Walter will have to fund the other 40%. The deal additionally stipulates a 4 year term with interest only payments at 12%, and a 1% origination fee. Given this deal, Walter will will be required to make these payments: 1) $64,000 down when the loan closes (due to the 60% LTV), 2) $960 in origination fees (1% x the $96,000 loan principle), and 3) $960 monthly in interest payments.
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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