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New Construction Loans in Grafton, North Dakota
Grafton, ND has 14 construction hard money lenders in the city. The median note issued is approximately $1,310,715. Interest rates on private loans issued to Grafton borrowers average 10.5%. 20 months is the median length for loans made in the city. The average origination for loans is 3.3 percent. 73% is the median loan to value offered for offered by lenders in Grafton.
Loan Example 1
Lance is a real estate investor and decides to purchase a land plot in Grafton, ND to construct a new house. Lance estimates that the construction costs will be around $350,000 and the plot will cost $330,000. In order to fund the transaction, he takes a new construction loan from Green Fern Investments. They agree to issue a note with a 14% interest rate for 12 months and 3 origination points to be paid at the closing. Additionally, they agree to loan 70% of the cumulative costs (the loan-to-value / "LTV"). Construction costs are to be paid out in multiple draws and there will be no pre-payment penalties assessed. Given the terms of the note, Lance will need to pay $204,000 plus $14,280 in origination costs at the closing, then will begin making $5,553 monthly payments. Lance's plan is to sell the home for $1,020,000. If he succeeds, he will make a total profit of $259,080 after subtracting all expenses ($476,000 principle amount, $204,000 cash down, $14,280 origination fee and $66,640 for 12 months of interest payments).
Loan Example 2
Antonio decides to purchase a lot in Grafton, ND to build a new house and re-sell it for a profit. He takes a construction loan from Prosperity Lending Group with the following terms:
- $180,000 purchase price for the land lot
- $350,000 in building costs
- 85% loan to value (LTV)
- 6 month length
- 11% interest rate
- 3% origination fee
Antonio intends to sell the house when the loan expires for $660,000. If he achievs this goal, the deal numbers will be the following:
$660,000 sales price
- $450,500 principle (85% LTV)
- $79,500 cash paid at closing (15% on 85% LTV)
- $13,515 origination points (3% of the $450,500 principle)
- $24,778 interest payments (6 months x 11% interest)
-----------------------
= $91,708 net profit
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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
REI Niche Programs - CA NO appraisal 1st position loans - 65% LTV; 2nd position loans - 60% CLTV, NO minimum FICO, Defaults, foreclosure bail-outs, and bankruptcies OK, 6 mo prepay, cross multiple properties, Rural lower LTVs on a case-by-case ...
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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