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 $6 Billion life-to-date in total loan volume to real estate ...
Bridge Loans in New Prague, Minnesota
New Prague, MN has 25 private money bridge lenders operating in the city. In this city, the mean loan amount is $304,167. Rates for private loans average around 10.7%. The typical length for loans is 21 months. The average origination percentage added to the loans is 2.6%. Lenders in New Prague average a 71% loan to value (LTV) on their loans.
Loan Example 1
Jesus takes a private money bridge loan from All Star Funding Company in order to remodel a property to flip in New Prague, MN. The list price of the house is $190,000. The lender agrees to write a loan with a 75% loan-to-value (LTV) so they will loan $142,500 on the property. The terms of the note also stipulate a one percent origination fee that will be paid at the closing and a 12 month, interest-only note with a 8% rate of interest.
Accordingly, the borrower will need to make a $47,500 down payment plus pay a $1,425 origination fee. he will then pay $950 monthly to All Star Funding Company . If Jesus sells the house for $228,000 after 12 months, he would then earn a gross profit of $25,175 after subtracting the principle of $142,500, the funds contributed at closing of $47,500, the origination fee of $1,425, and the aggregate interest payments of $11,400. This amount doesn't include remodeling costs.
Loan Example 2
Luisa takes a bridge loan from Redwood Finance in order to remodel a townhouse to re-sell in New Prague, MN. The deal has the following parameters:
$380,000 sales price
75% loan-to-value (LTV)
6 month term
13% interest rate
2% origination fee
Based on a $551,000 sales price at the end of the 6 month term, the final numbers for this project would look like the following:
$551,000 sales price
- $285,000 loan principle (75% LTV)
- $95,000 cash paid at closing (25% on 75% LTV)
- $5,700 origination fee (2% of the $285,000 principle)
- $18,525 interest payments (6 months x 13% interest)
-----------------------
= $146,775 gross profit (doesn't include taxes or renovation costs)
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 ...
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Source Capital is an asset-based lender headquartered in Los Angeles, CA offering loans in California, Arizona, and Minnesota. They provide loans for a variety of situations and needs, including bridge loans, fix-and-flip loans, hard money refinancing, and ...
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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 ...
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 ...
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. ...
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 ...
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Capital Funding Services Corporation has funding partners nationwide to help Get the Funding You Need. From SBA Loans, Fixed Term Loans, Lines of Credit, Cash Advances, Hard Money, Private Money, Bridge Loans, Equipment Financing and more. Mr. Amaro ...
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