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New Construction Loans in West Fargo, North Dakota
West Fargo, ND has 13 new construction hard money lenders serving the city. The average note amount in the city is $734,375. The average rate for hard money loans in West Fargo is 11.3%. The mean term for notes is 20 months. A typical hard money loan made in the city carries a 3.8 percent origination cost. The median loan to value for loans in West Fargo is 74%.
Loan Example 1
Milagros is a real estate investor and decides to purchase a land lot in West Fargo, ND in order to construct a single family home. The lot is listed for $170,000 and Milagros expects the construction costs for the new house will be around $150,000. She takes a new construction loan from BCC Investments with the following specifications: 1) a 12 month note at 8% interest, 2) interest only payments made each month, 3) 3 origination points at the closing by the borrower, and 4) a 65% loan-to-value (LTV) on both the lot and the construction expenses. There are no pre-payment penalties on the loan and construction expenses will be paid out over multiple draws. Given this loan scenario, the lender will fund $208,000 of the lot and construction expenses. The borrower will have to pay $112,000 down, a $6,240 origination fee, and $1,387 monthly in interest payments. When the loan expires, Milagros re-sells the home for $400,000. This will make Milagros a $57,120 gross profit after paying back all expenses of the loan ($208,000 principle amount, $112,000 cash down, $6,240 origination charges, and $16,640 for 12 months of interest payments).
Loan Example 2
Rae is an investor in West Fargo, ND. She decides to buy a land lot to build a new tri-plex. She takes a new construction loan from Perfect Funding with the following specifications:
- $370,000 sales price for the vacant lot
- $400,000 in building expenses
- 80% loan-to-value (LTV)
- 6 month term
- 14% rate of interest
- 3% origination fee
Rae intends to list the property when the note expires for $960,000. If she achieves her goal, the project numbers will be the following:
$960,000 sales price
- $616,000 principle (80% LTV)
- $154,000 down payment (20% on 80% LTV)
- $18,480 origination points (3% of the $616,000 principle amount)
- $43,120 total interest paid (6 months x 14% interest)
-----------------------
= $128,400 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
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 ...
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 ...
Finance of America Commercial
4201 Congress Street, Suite 475
Charlotte, NC 28209
Based in Charlotte, NC, Finance of America Commercial is a private money lender providing funding all throughout the United States. They offer lending solutions for a variety of situations and needs, including refinancing, hard money bridge loans, fix and ...
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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