Red Dirt Lending is an Oklahoma City, OK based private money lender. They offer loans throughout Minneapolis, St Paul, Oklahoma City, and Tulsa. They offer loans for a variety of needs and situations, including loans for rental ...
Fix and Flip Loans in Minneapolis, Minnesota
Minneapolis, MN has 35 fix and flip hard money lenders serving the city. The mean note amount in the city is $295,500. Interest rates for loans average around 12.0%. The mean note issued in this city is for 15 months. The average loan issued in the city carries a 3.1 point origination cost. The median loan-to-value (LTV) for loans in Minneapolis is 72%.
Loan Example 1
Alexander finds a house in the Holland area of Minneapolis, MN to remodel and sell. Since he doesn't have enough cash to buy the $260,000 house outright, he takes out a fix and flip loan from Riverside Funding Corporation . The terms of the note include a 85% loan to value (LTV), so he must contribute 15% of the price as cash at closing, making the principle loan amount $221,000. The rate on the loan is 8% for a term of 12 months and the company requires a five point origination fee at the close. The interest is to be paid monthly and the principle will be paid back after the property sells.
The borrower must contribute a total of $32,400 up front to cover the $39,000 down payment in addition to the $11,050 origination fee. Once the loan closes, he will need to pay the lender $1,473 in monthly interest fees, or 8% times $221,000 divided by 12 months in the year. If Alexander sells the project for $364,000 after 12 months, he would realize a total profit of $75,270 after subtracting the original principle of $221,000, the funds contributed at the close of $39,000, the origination points of $11,050, and the aggregate interest payments of $17,680. This profit doesn't include renovation costs.
Loan Example 2
Kimberly takes out a loan from Blue Sky Finance Corporation so she can renovate a house to resell in the Harrison neighborhood of Minneapolis, MN. The deal has the following parameters:
a) A $200,000 sales price, b) a 55% loan-to-value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 3% origination fee.
If Kimberly achieves her goal of a $250,000 sales price, the final numbers of the project will be the following:
$250,000 sales price
- $110,000 note principle (55% LTV)
- $90,000 down payment (45% on 55% LTV)
- $3,300 origination points (3% of the $110,000 principle)
- $4,950 interest payments (6 months x 9% interest)
-----------------------
= $41,750 gross profit (doesn't include taxes or rehab costs)
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Hendrie Grant
Minneapolis, MN
Hendrie Grant is private lender headquartered in Minneapolis, MN. They provide funding in Minneapolis and St Paul. Their focus is mainly on fix and flip hard money loans. Their loan parameters are versatile, including terms ...
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