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 Danville, Vermont
A total of 26 results for private money bridge lenders were found in Danville, VT. The mean amount for loans in this city is $315,000. Rates for loans average 10.4%. The median length offered for notes is 23 months. The average origination percentage charged on the loans is 2.5%. Lenders typically offer a 69% loan to value on deals in Danville.
Loan Example 1
Douglas takes a hard money bridge loan from Blue Square Funding Corporation in order to remodel a duplex to resale in Danville, VT. The sales price of the house is $270,000. As the lender sets a 75% loan-to-value, Douglas will have to put 25% down and the principle amount of the loan will be $202,500. The loan is interest-only, paid monthly, and is for 12 months at 12% interest with 3 points paid at closing.
By the parameters of the note, Douglas will need to contribute a $6,075 origination fee plus 25% of the purchase price, or $67,500, based on the 75% LTV. The lender will collect $2,025 in monthly interest payments from the borrower. This is calculated by taking the total loan amount of $202,500, multiplying that by the 12% rate of interest, and then dividing that number by 12. Assuming Douglas sells the renovated house for $337,500 at the end of the 12 month term, his total profit (not including remodeling expenses) would be $37,125. This is calculated by taking the sales price ($337,500) and subtracting the principle ($202,500), the origination cost ($6,075), the money he contributed to closing ($67,500), and the total interest payments ($24,300).
Loan Example 2
Roxanne takes a hard money bridge loan from Urban Lending Group in order to renovate a townhome to resell in Danville, VT. The deal has the following parameters:
a) A $260,000 sales price, b) a 80% loan to value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 3% origination fee.
Based on a $338,000 sales price at the end of the 12 month term, the final numbers for this deal would look like the following:
$338,000 sales price
- $208,000 principle (80% LTV)
- $52,000 cash paid at closing (20% on 80% LTV)
- $6,240 origination points (3% of the $208,000 principle)
- $29,120 interest payments (12 months x 14% interest)
-----------------------
= $42,640 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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