North Dakota Bridge Loans
We found 8 records for private money bridge lenders offering loans in North Dakota. Note amounts average about $479,680. Rates on loans made to North Dakota borrowers average around 10.7%. The average note issued in this state has a length of 22 months. The average loan includes a 3.7 point origination cost. Lenders typically offer a 72% loan to value on loans in North Dakota.
Loan Example 1
Alex finds a duplex in Bismarck, ND to remodel and re-sell. Since he does not have enough cash on-hand to acquire the $260,000 house outright, he takes out a bridge loan from West Star Funding Corporation. The loan to value (LTV) on the note is 85%. This means Alex will need to bring 15% of the sales price to closing and the principle amount will be $221,000 on the note. The parameters of the loan dictate a 12% note for 6 months. They also stipulate a 2 point origination fee, that will also need to be paid when the property closes.
Accordingly, the borrower will be required to contribute a $39,000 down payment plus pay a $4,420 origination fee. West Star Funding Corporation will collect $2,210 in monthly interest from the borrower. This is calculated by taking the total loan amount of $221,000, multiplying by the 12% rate of interest, and then dividing that amount by 12. At the end of the loan, he sells the rehabed house for $312,000. After deducting the $13,260 in interest expenses ($2,210 times 6 months), the $4,420 origination fee, the $221,000 principle amount on the loan, and the $39,000 he brought to closing, he will make a total profit of $34,320 ($312,000 price minus $277,680 in costs). This profit would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
Carlos finds a house in West Fargo, ND to renovate and sell. Since he does not have enough cash to buy the property outright, he takes a hard money bridge loan from West Shore Investment Corporation with the following parameters:
$180,000 sales price
85% loan-to-value (LTV)
6 month term
13% interest rate
5% origination fee
Based on a $234,000 sales price after the 6 month term, the numbers for this deal would look like the following:
$234,000 sales price
- $153,000 principle on note (85% LTV)
- $27,000 cash paid at closing (15% on 85% LTV)
- $7,650 origination points (5% of the $153,000 principle amount)
- $9,945 interest payments (6 months x 13% interest)
= $36,405 gross profit (does not include taxes or rehab costs)
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
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, ...
Global Capital Partners Fund
555 Fifth Avenue, Suite 302
New York, NY 10017
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing nationwide in commercial loans, adaptive re-use, construction lines of credit, ground up construction, fix & flip, & more!
A diverse portfolio ...
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 ...
Patch of Land
15000 Ventura Blvd Ste 202
Sherman Oaks, CA 91403
Patch of Land is an asset-based lender based in Los Angeles, CA offering funding all throughout the US. They offer short term bridge loans, private commercial loans, long term rental property loans, refinancing, and fix and flip loans. They offer ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
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 ...
5300 W Atlantic Ave,, Suite 205
Delray Beach, FL 33448
Based in Delray Beach, Gelt Financial since 1989 is a private money lender offering commercial non bank mortgages national. We offer loans for many different situations and needs, including rental property loans, private commercial loans, fix-and-flip hard money loans, hard ...
Rapid Commercial Loans
6136 Frisco Square suite 433
Frisco, TX 75034
Rapid Commercial Loans are private money lenders actively originating Private loans for commercial properties nationwide. With traditional lenders tightening up on their lending criteria, private money loans for commercial properties are becoming the most efficient loan product for many borrowers ...