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Bridge Loans in West Dover, Vermont
There are 27 hard money lenders operating in West Dover, VT. The mean amount for loans in this city is $346,429. Rates on private loans issued to West Dover borrowers average around 11.2%. The median loan made in this city has a length of 23 months. The average note includes a 2.3 point origination charge. Lenders in West Dover average a 71% loan to value on their deals.
Loan Example 1
Randy closes on a $260,000 rehab project in West Dover, VT, using a hard money bridge loan from Brown Funding. The terms of the note include a 65% loan-to-value (LTV), so he must contribute 35% of the price as cash at closing, making the principle loan amount $169,000. The parameters of the note also include a one percent origination fee which is to be paid at closing and a 12 month, interest-only note with a 12% rate of interest.
Therefore, the borrower will have to contribute a $91,000 down payment plus pay a $1,690 origination fee. After the loan is closed and Randy takes the project, he will have to begin making payments each month of $1,690 to Brown Funding ($169,000 principle x 12% / 12 months). Randy's plan is to complete the remodel within the 12 months and re-sell it for $364,000. If he succeeds he will make a gross profit of $82,030 ($364,000 sales price - $169,000 principle - $91,000 cash paid at closing - $1,690 origination fee - $20,280 in total interest payments.
Loan Example 2
Millie finds a house in West Dover, VT to rehab and re-sell. Since she does not have enough cash to buy the property outright, she takes a private money bridge loan from Red City Lending Corporation with the following parameters:
$290,000 sales price
85% loan to value (LTV)
6 month term
10% interest rate
4% origination fee
Based on a $435,000 sales price at the end of the 6 month term, the numbers for the project would look like the following:
$435,000 sales price
- $246,500 note principle (85% LTV)
- $43,500 down payment (15% on 85% LTV)
- $9,860 origination fee (4% of the $246,500 principle amount)
- $12,325 interest payments (6 months x 10% interest)
-----------------------
= $122,815 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!
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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Stratton Equities
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Harbor Private Equity
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Stormfield Capital
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Patch Lending
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Park Place Finance
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T&M Commercial Funding
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Center Street Lending
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Irvine, CA 92612
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Sunset Equity Funding
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Rapid Commercial Loans
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Peak Choice Capital
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Cherrywood Commercial
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Flip N Fast Loans
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New Silver
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REI Capital
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East Haven, CT 06513
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Primeau Funding
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Edward Voccola & Co
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Boston, MA 02116
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11 Capital Finance
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Wallace Capital
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Green Knight Funding
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