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 Wallingford, Vermont
We found 26 results for hard money bridge lenders in Wallingford, VT. Note amounts average around $336,429. The mean interest rate for hard money loans in Wallingford is 10.8%. The average note issued in the city is for 24 months. A typical hard money loan offered in this city carries a 2.3 point origination fee. Lenders in Wallingford average a 70% loan-to-value on their deals.
Loan Example 1
Marta closes on a $280,000 rehab project in Wallingford, VT, using a private money bridge loan from Rolling Brook Funding. Because the lender sets a 55% loan to value, Marta will need to put 45% down and the principle amount of the note will be $154,000. The interest rate on the note is 8% for a length of 6 months and the lender requires a three point origination fee at the close. The interest is to be paid on a monthly basis and the principle amount will be returned after the property sells.
Marta will need to contribute $126,000 at the closing (45% on the 55% loan to value), plus she will need to pay the $4,620 origination fee. Once the deal closes, she will need to pay the lender $1,027 in monthly interest payments, or 8% times $154,000 divided by 12 months in a year. Marta's intention is to finish the house within the 6 months and sell it for $336,000. If she succeeds she will make a gross profit of $45,220 ($336,000 price - $154,000 principle - $126,000 cash paid at closing - $4,620 origination fee - $6,160 in total interest paid.
Loan Example 2
Alvin takes out a bridge loan from Fortune Investment Company in order to rehab a townhome to resell in Wallingford, VT. The loan has the following terms:
$280,000 purchase price
60% loan to value (LTV)
18 month term
12% interest rate
5% origination fee
Based on a $406,000 sales price at the end of the 18 month term, the numbers for the project would look like the following:
$406,000 sales price
- $168,000 loan principle (60% LTV)
- $112,000 cash paid at closing (40% on 60% LTV)
- $8,400 origination points (5% of the $168,000 principle)
- $30,240 total interest paid (18 months x 12% interest)
-----------------------
= $87,360 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!
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Roc Capital
645 Madison Ave
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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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Green Knight Funding
600 Loring Avenue, Suite 5
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132 Lincoln Street, Suite 6L
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