Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
Bridge Loans in Florence, Vermont
Florence, VT has 26 private money lenders operating in the city. The mean note made is approximately $347,143. Rates on hard money loans made to Florence borrowers average around 10.3%. 24 months is the mean term for notes issued in the city. The mean origination fee added to the loans is 2.0%. 70% is the median loan-to-value for offered by lenders in Florence.
Loan Example 1
West Shore Finance Corporation makes a private money bridge loan to Marcus for a rehab project in Florence, VT, on a property that is listed for $170,000. The borrower will need to bring 15% of the purchase price in cash to closing based on a 85% loan to value stipulated by the lending company. This makes the loan principle from West Shore Finance Corporation $144,500. The rate on the note is 12% for a term of 6 months and the lender requires a four point origination fee at closing. The interest is to be paid monthly and the principle amount will be paid back after the property sells.
In accordance with the parameters of the loan, Marcus will be required to pay a $5,780 origination fee plus 15% of the purchase price, or $25,500, based on the 85% LTV. he must then pay $1,445 monthly to West Shore Finance Corporation. At the end of the note, he sells the rehabed property for $255,000. After deducting the $8,670 in interest payments ($1,445 multiplied by 6 months), the $5,780 origination fee, the $144,500 principle on the note, and the $25,500 he contributed to closing, he will earn a gross profit of $70,550 ($255,000 price minus $184,450 in total costs). This profit would then be reduced by any building costs paid out of pocket.
Loan Example 2
Prosper Funding Company makes a private money bridge loan to Tameka for a rehab project in Florence, VT. The deal dictates the following:
$400,000 purchase price
85% loan to value (LTV)
12 month term
10% interest rate
5% origination fee
After the renovation project is complete, if Tameka sells the project for $520,000, the final numbers would be as follows:
$520,000 sales price
- $340,000 principle on note (85% LTV)
- $60,000 down payment (15% on 85% LTV)
- $17,000 origination points (5% of the $340,000 principle amount)
- $34,000 total interest paid (12 months x 10% interest)
-----------------------
= $69,000 gross profit (doesn't 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!
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!
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