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Bridge Loans in Chester, Vermont
There are 27 private money lenders offering bridge loans in Chester, VT. The median note amount is $343,572. The median interest rate for hard money loans in Chester is 11.5%. 21 months is the median length for notes issued in the city. The average origination fee for the loans is 2.3 percent. 70% is the typical LTV offered for offered by lenders in Chester.
Loan Example 1
Rising Sun Finance Corporation makes a private money bridge loan to Traci for a rehab project in Chester, VT, on a property that costs $400,000. Because the lender agrees to a 70% loan to value, Traci will be required to put 30% down so the total amount of the loan will be $280,000. The parameters of the note also include a one point origination fee which will be paid at the closing and a 18 month, interest only note with a 10% interest rate.
Therefore, Traci will be required to contribute a $120,000 down payment plus pay a $2,800 origination fee. Rising Sun Finance Corporation will collect $2,333 in monthly interest from the Traci. This is calculated by taking the total loan amount of $280,000, multiplying by the 10% interest rate, and then dividing that amount by 12. If Traci sells the house for $560,000 after 18 months, she would then realize a total profit of $115,200 after subtracting the original principle of $280,000, the money paid at closing of $120,000, the origination points of $2,800, and the total interest payments of $42,000. This amount doesn't account for rehab costs.
Loan Example 2
Flourish Lending Corporation issues a hard money bridge loan to Callie for a renovation project in Chester, VT. The loan dictates the following:
a) A $370,000 sales price, b) a 85% loan-to-value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 2% origination fee.
Callie plans to list the project at the end of the term for $499,500. If she accomplishes her goal, the outcome would be the following:
$499,500 sales price
- $314,500 note principle (85% LTV)
- $55,500 cash paid at closing (15% on 85% LTV)
- $6,290 origination fee (2% of the $314,500 principle amount)
- $17,298 total interest paid (6 months x 11% interest)
-----------------------
= $105,913 total 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!
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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