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New Construction Loans in Drayton, North Dakota
A total of 14 results for construction private money lenders were found in Drayton, ND. In this city, the mean amount for loans is $1,064,063. Rates for private loans average around 11.5%. The average length offered for loans is 21 months. The mean loan includes a 2.9 percent origination cost. Lenders in Drayton average a 76% LTV on their deals.
Loan Example 1
Aaron is a home builder in Drayton, ND. He decides to acquire a lot and build a new tri-plex. The land is listed for $340,000 and Aaron expects that the building costs for the project will be approximately $150,000. In order to fund the project, he takes a construction loan from XYZ Lending Company. They contract to make a note with a 13% interest rate for 12 months and 2 origination points paid when the deal closes. Additionally, they agree to fund 55% of the total costs (the loan-to-value or "LTV"). They will not enforce a pre-payment penalty and they will contribute the building costs in several draws. According to this deal scenario, Aaron will have to fund the following expenses: 1) $220,500 cash down (by the 55% LTV), 2) a $5,390 origination charge ($269,500 loan principle x 2%), and 3) $2,920 monthly payments. If Aaron sells the home for $680,000 he will earn a gross profit of $149,575 after re-paying the principle and deducting the origination fee and total interest payments.
Loan Example 2
Kari is an investor and decides to build a single family home on a land plot in Drayton, ND. Because she does not have enough cash to pay for the full purchase, she takes out a new construction hard money loan from Allstar Funding Company with these stipulations:
- $200,000 purchase price for the land plot
- $150,000 in building expenses
- 85% loan-to-value (LTV)
- 18 month term
- 12% interest rate
- 2% origination fee
After the building project is finished, if Kari lists the house for $490,000, the final numbers will be the following:
$490,000 sales price
- $297,500 note principle (85% LTV)
- $52,500 down payment (15% on 85% LTV)
- $5,950 origination points (2% of the $297,500 principle)
- $53,550 interest payments (18 months x 12% interest)
-----------------------
= $80,500 net profit
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. ...
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 ...
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. ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
REI Capital
5660 Strand Court
Naples, FL 34110
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 ...
Peak Choice Capital
601 Silver Creek Drive
Shorewood , IL 60432
Chicago-based lender Peak Choice Capital is a private lender providing funding in 45 states throughout the US. Peak Choice Capital offers short-term bridge loans, DSCR loans for investment properties (1-4 units and 5+ units), cash-out loans, fix-and-flip loans, and small-balance ...
Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
Edward Voccola & Co is hard money lender based in Boston, MA. They provide funding all throughout the US. They provide lending solutions for a variety of scenarios, including builder loans, hard money bridge loans, and ...
Creative Hard Money LLC
508 Whitehorse Mercerville Rd
Hamilton, NJ 08610
Based in Hamilton, NJ, Creative Hard Money LLC is a private lender offering loans throughout the United States. They provide loans for many different scenarios, including fix and flip loans, cash out hard money loans, rental property loans, ground-up ...
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. ...
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