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 Brownsville, Vermont
There are 26 private money lenders serving Brownsville, VT. Note amounts average around $344,375. Interest rates for private loans average about 10.4%. 24 months is the median term for loans offered in this city. The mean origination fee for the loans is 2.0 percent. Lenders in Brownsville average a 71% loan-to-value on their loans.
Loan Example 1
Johnnie takes a bridge loan from Cordial Funding Corporation in order to rehab a house to flip in Brownsville, VT. The sales price of the house is $160,000. The terms of the note include a 85% loan to value (LTV), so he must bring 15% of the price as cash to closing, which makes the principle note amount $136,000. The parameters of the note also stipulate a five point origination fee that will be paid at the closing and a 12 month, interest-only note with a 13% interest rate.
On top of the $6,800 origination fee, Johnnie will also need to fund $24,000 of the purchase with his own money, or 15% of the sales price. Cordial Funding Corporation will collect $1,473 in monthly interest from the borrower. This is calculated by taking the total note value of $136,000, multiplying that by the 13% interest rate, and then dividing that number by 12. Johnnie's intention is to complete the project by the end of the 12 months and resell it for $240,000. If he succeeds he will collect a total profit of $55,520 ($240,000 price - $136,000 principle - $24,000 cash at closing - $6,800 origination points - $17,680 in total interest payments.
Loan Example 2
Effie finds a property in Brownsville, VT to renovate and sell. Because she does not have enough cash to buy the property outright, she takes a bridge loan from East Shore Lending Group with the following parameters:
$360,000 sales price
70% loan to value (LTV)
18 month term
8% interest rate
5% origination fee
Once the rehab project is finished, if Effie sells the project for $486,000, the outcome would be as follows:
$486,000 sales price
- $252,000 loan principle (70% LTV)
- $108,000 cash paid at closing (30% on 70% LTV)
- $12,600 origination points (5% of the $252,000 principle)
- $30,240 interest payments (18 months x 8% interest)
-----------------------
= $83,160 gross profit (doesn't include taxes or renovation 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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