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 Chittenden, Vermont
Chittenden, VT has 26 hard money lenders operating within the city. Note amounts average around $338,125. The average rate for private loans in Chittenden is 9.9%. The typical note issued in this city has a length of 24 months. The average loan issued in this city includes a 2.3 point origination cost. 72% is the median loan-to-value (LTV) for offered by lenders in Chittenden.
Loan Example 1
Amelia takes a private money bridge loan from North Star Funding Company in order to renovate a townhouse to flip in Chittenden, VT. The sales price of the house is $370,000. The terms of the deal include a 85% loan to value (LTV), so she must contribute 15% of the price as cash to closing, making the principle loan amount $314,500. The rate on the note is 11% for a term of 12 months and the company requires a one point origination fee at the closing. The interest payments are to be paid monthly and the principle will be returned after the sale of the property.
In addition to paying the $3,145 origination fee, Amelia will also have to fund $55,500 of the purchase with her own cash, or 15% of the sales price. The monthly interest-only payments will then total $2,883 to North Star Funding Company. At the expiration of the loan, she sells the renovated house for $518,000. After deducting the $34,595 in interest payments ($2,883 times 12 months), the $3,145 origination fee, the $314,500 principle on the loan, and the $55,500 she contributed to the closing, she will earn a gross profit of $110,260 ($518,000 sales price minus $407,740 in total costs). This amount would then be reduced by any rehab costs paid out of pocket.
Loan Example 2
Willie takes out a bridge loan from West End Funding Corporation so he can rehab a townhome to re-sell in Chittenden, VT. The deal has the following parameters:
$280,000 sales price
65% loan-to-value (LTV)
12 month term
12% interest rate
2% origination fee
Once the rehab project is finished, if Willie sells the project for $336,000, the outcome would be the following:
$336,000 sales price
- $182,000 loan principle (65% LTV)
- $98,000 down payment (35% on 65% LTV)
- $3,640 origination fee (2% of the $182,000 principle)
- $21,840 interest payments (12 months x 12% interest)
-----------------------
= $30,520 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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