Capstone Financial is a Scottsdale, AZ based hard money lender who provides loans all across the US. They provide lending solutions for a variety of needs and situations, including cash out loans, fix and flip hard money loans, short ...
Investment Property Loans in Minot, North Dakota
Minot, ND has 14 investment property private money lenders offering loans within the city. In this city, the average note amount is $393,056. Interest rates for hard money loans average about 10.7%. The mean note issued in the city has a term of 79 months. The mean loan includes a 3.3 point origination charge. The median LTV offered for loans in Minot is 74%.
Loan Example 1
Brandon is an investor in Minot, ND. He finds a rental property to purchase for $260,000 but he does not have enough cash so he obtains a private money loan from Rising Sun Funding Group . Since there is a 55% loan-to-value (LTV) agreed to by the two parties, Brandon will have to pay the other 45% in cash. By the terms of the deal, the note will be for 2 years at a 11% rate of interest. A 3% origination fee will have to be paid when the deal closes and Brandon will have to make interest only payments with a balloon payment of the principle amount due at the end of the deal. Brandon will need to fund $117,000 of his own money upon the close of the loan (due to the 55% LTV) in addition to the $4,290 in origination fees (3% x the $143,000 loan principle), and he will then begin paying $1,311 per month once the loan is closed.
Loan Example 2
Patsy wants to acquire an investment property in Minot, ND which costs $300,000. Because she doesn't have enough cash for the transaction and is not able to get a bank loan, she gets a private money loan from Number One Finance Company . The lender decides to loan Patsy 70% of the list price of the property (LTV), so she will need to put down the remaining 30%. The additional parameters of the deal are as follows: 1) a 1 year, interest-only loan, 2) a 8% interest rate, and 3) 3 origination points charged at closing. Given this scenario, Patsy will need to make the following payments: 1) $90,000 down when the loan closes (based on the 70% LTV), 2) $6,300 in origination fees (3% x the $210,000 loan principle), and 3) $1,400 monthly in interest payments.
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