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New Construction Loans in Nome, North Dakota
There are 14 construction hard money lenders operating in Nome, ND. The median note amount is $433,929. The median rate for loans in Nome is 11.1%. The mean term offered for loans is 27 months. The mean origination fee charged on loans is 4.0%. The median loan-to-value (LTV) offered for loans in Nome is 74%.
Loan Example 1
Adrienne wants to purchase a home lot in Nome, ND to build a new single family home and resell it. Adrienne expects the construction expenses will be approximately $300,000 and the land costs $390,000. She gets a construction loan from Brown Lending with the following parameters: 1) a 6 month note at 12% interest, 2) interest-only payments made every month, 3) 5 origination points at closing by the borrower, and 4) a 65% loan to value (LTV) on both the land and the construction expenses. Adrienne is to receive the construction expenses in draws and there won't be a pre-payment penalty if she repays the loan before the 6 months is over. Given this loan scenario, the lender will fund $448,500 of the plot and construction expenses. The borrower will be required to pay $241,500 down, a $22,425 origination charge, and $4,485 monthly in interest payments. If Adrienne then sells the property for $820,000 she will make a total profit of $80,665 after paying pack the principle amount and deducting the origination points and cumulative interest.
Loan Example 2
Adam decides to purchase a land plot in Nome, ND to build a new duplex and resell it for a profit. Because he does not have enough cash to pay for the full transaction, he applies for a construction hard money loan from Rehabbers Funding with the following specifications:
a) A $240,000 sales price for the land, b) $150,000 in building expenses, c) an 80% loan to value (LTV), d) a 18 month term, e) a 11% rate of interest, and f) a 2% origination charge.
After the building project is finished, if Adam lists the property for $460,000, the final numbers would be the following:
$460,000 sales price
- $312,000 principle (80% LTV)
- $78,000 down payment (20% on 80% LTV)
- $6,240 origination points (2% of the $312,000 principle amount)
- $51,480 interest payments (18 months x 11% interest)
-----------------------
= $12,280 total 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
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 ...
Kings of Capital
550 Pinetown Rd
Fort Washington, PA 12034
Kings of Capital is the leading Nationwide Hard Money Lender that specializes in fast and flexible lending processes across the country. Our company is led by experienced Real Estate lenders providing a professional, knowledgeable, and hard-working team to help all ...
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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