North Dakota Fix and Flip Loans
North Dakota has 10 fix and flip hard money lenders operating in the state. The average amount loaned is $391,900. Rates for private loans average about 10.8%. The average term offered for loans is 33 months. The average hard money loan issued in the state carries a 4.1 percent origination charge. Lenders typically offer a 74% loan-to-value on loans in North Dakota.
Loan Example 1
Joni closes on a $270,000 rehab project in Fargo, ND, using a fix-and-flip loan from Green Fern Funding Group . Since the lender sets a 70% loan to value, Joni will need to put 30% down and the total amount of the loan will be $189,000. The terms of the note also stipulate a one point origination fee that is to be paid at the closing and a 12 month, interest-only note with a 10% rate of interest.
Joni will have to contribute $81,000 to the closing (30% on the 70% loan to value), plus she will pay the $1,890 origination fee. she will then pay $1,575 per month to the lender. Joni 's intention is to complete the project within the 12 months and sell it for $378,000. If she succeeds she will collect a profit of $87,210 ($378,000 price - $189,000 principle amount - $81,000 funds brough to closing - $1,890 origination points - $18,900 in total interest payments.
Loan Example 2
Perfect Funding issues a fix and flip loan to Lorena for a remodeling project in Bismarck, ND. The deal includes the following:
a) A $250,000 purchase price, b) a 55% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 5% origination fee.
Lorena intends to sell the project when the note expires for $350,000. If she achieves this goal, the final numbers would be the following:
$350,000 sales price
- $137,500 loan principle (55% LTV)
- $112,500 down payment (45% on 55% LTV)
- $6,875 origination fee (5% of the $137,500 principle amount)
- $28,875 interest payments (18 months x 14% interest)
= $64,250 gross profit (does not include taxes or renovation costs)
Global Capital Partners
274 Madison Avenue, Suite 901
New York, NY 10016
A diverse portfolio of lending services, an experienced in-house underwriting staff, and the ability to tailor financing options to a client's individual needs have made Global Capital Partners a household name in New York's commercial lending industry. Global Capital Partners has long provided ...
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 $6.6 Billion life-to-date in total loan volume to real estate ...
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 ...
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. ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...
Rental Home Financing
9465 Counselors Way, Suite 200
Indianapolis, IN 46240
Rental Home Financing is a private money lender headquartered in Indianapolis, IN offering funding in 26 states across the country. They provide lending solutions for a variety of scenarios, including refinancing, fix-and-flip loans, and loans for investments properties. ...
6991 E Camelback Rd
Scottsdale, AZ 85251
Next-Financing is based in Scottsdale, Arizona and has a satellite office in Silicon Valley, California. They offer a wide array of financing options for businesses, including fix and flip loans and loans for rental properties. They lend on ...
National Advance Group
1 Linden Place
Great Neck, NY 11021
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
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 ...
1121 E. Mullan Ave
Coeur d'Alene, IA 83814
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 ...