North Dakota Fix and Flip Loans
North Dakota has 7 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)
Secured Investment Lending
1485 International Parkway, Suite 1031
Lake Mary, FL 32746
(407) 878-2830 Website
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