North Dakota Commercial Hard Money Loans
There are 6 commercial hard money lenders operating in North Dakota. The mean loan issued to borrowers is around $544,258. The mean rate for private loans in North Dakota is 10.7%. The median length for notes is 32 months. The average loan includes a 3.9 percent origination charge. 72% is the mean loan to value for offered by lenders in North Dakota.
Loan Example 1
In order to acquire a new commercial building for his business, Julio looks to Allstar Funding to fund his purchase with a commercial private money loan since he cannot secure a commercial mortgage from a bank. The price of the building is $1,150,000 and the lending company agrees to contribute 75% of the purchase price (the loan-to-value / "LTV"), or $862,500. The other $287,500 will have to be contributed by the borrower when the sale is closed. The deal also includes a 2 year term, a 14% rate of interest, interest-only payments paid each month with a final payment when the note expires (without a pre-payment penalty), and a 4 percent origination fee. Julio can eliminate the loan at any time by paying off the $862,500 in principle, but he will must pay $10,063 /month interest payments ($862,500 principle value x 14% interest rate / 12 months in a year) in the meantime, or up to the point the note expires. Because there is no pre-payment penalty, the only additional expense he would have to pay is the $34,500 origination points which he will contribute when the loan closes.
Loan Example 2
Corey owns a small business in West Fargo, ND and needs to acquire a new warehouse for his operations. Because he is unable to secure a conforming loan from a bank, he turns to Credence Lending for a commercial private money loan. The property is listed for $1,500,000. Corey will have to put 45% down, or $675,000, since the lender will fund only 55% of the transaction (the loan to value or "LTV"). Accordingly, the principle amount on the loan will be $825,000. The deal also includes a 3 year length, a 12% rate of interest, interest only payments paid monthly with a balloon payment when the note expires (without a pre-payment penalty), and a 1 percent origination fee. Corey may eliminate the note at any time by paying off the $825,000 in principle, but he will must make $8,250 monthly interest payments ($825,000 principle x 12% interest / 12 months in a year) in the interim, or up to the point the note expires. Since there isn't a pre-payment penalty, the only other expense he will have is the $8,250 origination cost which he will contribute at the closing.
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 ...
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
(407) 878-2830 Website
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 ...
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. ...
Based in Coeur d'Alene, IA, COGO Capital is an asset-based lender providing loans in 45 states throughout the US. They provide private commercial loans, fix-and-flip loans, and loans for investments properties. Their loan guidelines are flexible, including ...
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75070
(214) 548-5190 Website
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using ...