North Dakota New Construction Loans
North Dakota has 5 new construction lenders issuing loans in the state. The average note issued is around $610,254. The average rate for hard money loans in North Dakota is 10.9%. The typical length for loans is 21 months. The mean note includes a 4.2 point origination charge. 74% is the mean LTV for offered by lenders in North Dakota.
Loan Example 1
Alfredo is a real estate investor in Fargo, ND. He decides to acquire a vacant lot and build a new single family home. The land is available for $330,000 and Alfredo thinks that the construction costs for the new house will be approximately $300,000. To fund the deal, he applies for a new construction loan from East Shore Lending Corporation. They contract to make a note with a 11% interest rate for 6 months and two origination points to be paid at the closing. They also agree to loan 65% of the aggregate expenses (the loan-to-value / "LTV"). Alfredo will receive the construction expenses in draws and there won't be a pre-payment penalty if he repays the note early. According to this deal scenario, the lender will fund $409,500 of the lot and construction expenses. The borrower will pay $220,500 down, a $8,190 origination fee, and $3,754 monthly in loan payments. If Alfredo sells the project for $810,000 he will make a total profit of $149,288 after returning the principle amount and deducting the origination points and total interest.
Loan Example 2
Jaime wants to acquire a land lot in West Fargo, ND and build a single family home to sell it. Because he does not have the money to pay for the total purchase, he takes out a new construction hard money loan from East End Investments with the following terms:
Jaime plans to sell the project when the note expires for $750,000. If he achievs this goal, the deal numbers will be as follows:
$750,000 sales price
- $464,000 principle (80% LTV)
- $116,000 down payment (20% on 80% LTV)
- $23,200 origination points (5% of the $464,000 principle amount)
- $64,960 interest payments (12 months x 14% interest)
= $81,840 net profit
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
Global Capital Partners Fund
555 Fifth Avenue, Suite 302
New York, NY 10017
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing nationwide in commercial loans, adaptive re-use, construction lines of credit, ground up construction, fix & flip, & more!
A diverse portfolio ...
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 $7.1 Billion life-to-date in total loan volume to real estate investors. ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
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. ...