Michigan Bridge Loans
We found 24 results for private money bridge lenders operating in Michigan. The median note made is about $292,722. Interest rates for hard money loans average around 10.5%. The median term for notes is 19 months. The average note includes a 2.9 percent origination charge. Lenders in Michigan average a 75% loan to value on their deals.
Loan Example 1
Stacie finds a duplex in Highland Park, MI to flip and resell. Since she does not have enough cash available to acquire the $160,000 property outright, she decides to take out a private money bridge loan from Forest Grove Funding . The loan-to-value (LTV) on the deal is 70%. This means Stacie will need to bring 30% of the sales price to the closing and the principle will be $112,000 on the note. The parameters of the note also include a four percent origination fee that will be paid at the closing and a 6 month, interest-only note with a 14% interest rate.
Stacie will need to contribute $48,000 to the closing (30% on the 70% loan to value), plus she will need to pay the $4,480 origination fee. Once the deal closes, she will need to pay Forest Grove Funding $1,307 in monthly interest payments, or 14% multiplied by $112,000 divided by 12 months in the year. At the expiration of the loan, she sells the rehabed property for $224,000. After subtracting the $7,840 in total interest payments ($1,307 multiplied by 6 months), the $4,480 origination fee, the $112,000 principle on the loan, and the $48,000 she brought to the closing, she will make a total profit of $51,680 ($224,000 sales price minus $172,320 in costs). This profit would then be reduced by any renovation costs paid out of pocket.
Loan Example 2
Dimension Finance makes a bridge loan to Shane for a remodeling project in Southgate, MI. The loan dictates the following:
$270,000 sales price
85% loan-to-value (LTV)
18 month term
9% rate of interest
4% origination fee
Shane plans to list the project at the end of the term for $391,500. If he accomplishes his goal, the outcome will be as follows:
$391,500 sales price
- $229,500 principle on note (85% LTV)
- $40,500 down payment (15% on 85% LTV)
- $9,180 origination points (4% of the $229,500 principle)
- $30,983 total interest paid (18 months x 9% interest)
-----------------------
= $81,338 total profit (does not include taxes or rehab costs)
LendingHome Corporation is a San Francisco, CA based private money lender providing loans in 25 states throughout the United States. They provide buy and hold loans, short term loans, and fix and flip loans. They issue ...
Anchor Loans is a Calabasas, CA based private lender. They provide loans in 34 states throughout the US. They offer new construction loans, fix-and-flip hard money loans, loans for rental properties, refinancing, hard money bridge loans, and ...
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Visio Lending is a hard money lender based in Austin, TX providing loans in 39 states throughout the United States. They provide short term bridge loans, commercial loans, and fix-and-flip hard money loans. They provide rates ...
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
Aero Capital Finance is a Kissimmee, FL based private lender. They provide loans in 18 states throughout the United States. They offer loans for a variety of scenarios, including private refinancing, fix and flip loans, hard money loans ...
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
Dr Daniels and Son is hard money lender headquartered in Bloomfield Hills, MA. They offer funding throughout Michigan. They offer lending solutions for many different scenarios, including commercial loans, bridge loans, and fix-and-flip loans. They ...
Grand River USA is private money lender based in Novi, MI. They offer loans throughout Michigan. They offer lending solutions for a variety of needs and situations, including hard money bridge loans and commercial hard money loans. ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
Asset Avenue is private money lender based in Los Angeles, CA. They provide loans in 44 states across the United States. They provide loans for a variety of needs and situations, including short term loans, investment property ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
Cherrywood Commercial is a Diamnond Bar, CA based private money lender who provides loans in 48 states throughout the United States. They provide lending solutions for many different situations, including short term bridge loans and commercial hard money loans. ...
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
Headquartered in Miami Beach, FL, YC Funding is an asset-based lender offering loans in 23 states across the United States. They offer construction loans, cash out loans, buy and hold loans, short term bridge loans, fix and flip hard ...
Temple View Capital is private lender headquartered in Bethesda, MD. They provide loans in 20 states throughout the US. They provide short term fix and flip loans, cash out loans, private commercial loans, loans for rental properties, ...
Render Capital Group is a Hobart, IN based hard money lender. They offer loans in 15 states across the country. They offer loans for a variety of scenarios, including commercial hard money loans, hard money bridge loans, ...
T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
Allied Commercial Funding is private lender headquartered in Agoura Hills, CA. They provide funding in 43 states throughout the US. They provide lending solutions for a variety of situations and needs, including hard money loans for commercial ...
Headquartered in Neenah, WI, Peak Choice Capital is a private lender providing funding in 45 states throughout the US. They offer short term bridge loans, buy and hold loans, cash out loans, fix-and-flip loans, and private commercial loans. ...
ARC Capital is a Santa Rosa, CA based private lender providing funding in 17 states throughout the country. They offer long term rental property loans, bridge loans, hard money loans for commercial properties, and short term fix and ...
ICG10 Capital is private lender headquartered in Aventura, FL. They offer loans in 44 states throughout the United States. They offer loans for many different scenarios, including short term loans, buy and hold loans, short term fix ...
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