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 Colchester, Vermont
We found 26 results for hard money bridge lenders in Colchester, VT. The mean note amount in the city is $315,000. The mean rate for loans in Colchester is 9.9%. The mean loan issued in this city is for 25 months. The mean origination fee for the loans is 2.5 percent. 70% is the mean loan-to-value offered for for loans in Colchester.
Loan Example 1
Lynne closes on a $210,000 renovation project in Colchester, VT, using a hard money bridge loan from Sunrise Investment Company. The borrower will have to bring 35% of the sales price in cash to the closing based on a 65% loan-to-value set by the lender. This makes the principle amount from Sunrise Investment Company $136,500. The terms of the deal also stipulate a four percent origination fee which will be paid at the closing and a 12 month, interest only note with a 10% rate of interest.
Lynne will need to contribute a total of $32,400 up front to cover the $73,500 down payment plus the $5,460 origination fee. Once the loan closes, she will pay the lender $1,138 in monthly interest fees, or 10% times $136,500 divided by 12 months in a year. Lynne's plan is to finish the house within the 12 months and sell it for $315,000. If she succeeds she will make a profit of $85,890 ($315,000 price - $136,500 principle amount - $73,500 cash paid at closing - $5,460 origination fee - $13,650 in interest.
Loan Example 2
Ernest takes a private money bridge loan from Green Fern Lending Company so he can rehab a house to flip in Colchester, VT. The deal has the following terms:
a) A $330,000 sales price, b) a 55% loan to value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 5% origination fee.
If Ernest succeeds in his goal of a $396,000 sales price, the numbers of the deal will be as follows:
$396,000 sales price
- $181,500 note principle (55% LTV)
- $148,500 down payment (45% on 55% LTV)
- $9,075 origination points (5% of the $181,500 principle amount)
- $9,075 total interest paid (6 months x 10% interest)
-----------------------
= $47,850 total profit (doesn't include taxes or renovation costs)
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42 Thompson Street, Suite 1A
East Haven, CT 06513
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Primeau Funding
10575 N. 114th St. Suite 103
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75 Arlington Street, Suite 500
Boston, MA 02116
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3505 Veterans Memorial Highway, Suite D
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Allied Commercial Funding
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Green Knight Funding
600 Loring Avenue, Suite 5
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Wallace Capital
132 Lincoln Street, Suite 6L
Boston, MA 02111
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