Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
Bridge Loans in Bennington, Vermont
There are 26 lenders operating in Bennington, VT. Note amounts average about $322,143. The average rate for private loans in Bennington is 10.4%. The median note issued in this city has a term of 25 months. The average hard money loan issued in this city includes a 2.0 point origination fee. Lenders typically offer a 69% loan-to-value (LTV) on deals in Bennington.
Loan Example 1
Ron closes on a $300,000 rehab project in Bennington, VT, using a bridge loan from Credence Finance. The lender agrees to write a note with a 85% loan to value (LTV) so they are willing to loan $255,000 on the property. The deal also has these features: 1) a 6 month length, 2) a 10% interest only note, and 3) a three percent origination fee.
On top of the $7,650 origination fee, Ron will also have to fund $45,000 of the purchase with his own money, or 15% of the purchase price. After the deal closes, he will need to pay Credence Finance $2,125 in monthly interest payments, or 10% times $255,000 divided by 12 months in the year. If Ron sells the remodeled house for $450,000 at the end of the 6 month term, his total profit (not including rehab costs) would be $129,600. This is computed by taking the purchase price ($450,000) and subtracting the original note amount ($255,000), the origination cost ($7,650), the cash he brought to closing ($45,000), and the total interest payments ($12,750).
Loan Example 2
Fred is a an investor in Bennington, VT. He locates a run-down house for a rehab project and takes a hard money bridge loan from Ocean View Lending Group with the following features:
$270,000 sales price
60% loan to value (LTV)
12 month term
8% interest rate
5% origination fee
If Fred accomplishes his goal of a $378,000 sales price, the numbers of the deal would be the following:
$378,000 sales price
- $162,000 principle on note (60% LTV)
- $108,000 cash paid at closing (40% on 60% LTV)
- $8,100 origination points (5% of the $162,000 principle)
- $12,960 total interest paid (12 months x 8% interest)
-----------------------
= $86,940 gross profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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