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 East Fairfield, Vermont
East Fairfield, VT has 27 hard money bridge lenders offering loans in the city. The mean note amount in this city is $343,572. Rates on loans issued to East Fairfield borrowers average about 10.3%. 24 months is the mean length for loans issued in the city. The average origination fee for loans is 2.3 percent. Lenders in East Fairfield average a 71% loan-to-value on their deals.
Loan Example 1
Flippers Lending issues a hard money bridge loan to Andrew for a rehab project in East Fairfield, VT, on a property that is listed for $250,000. As the lender sets a 75% loan-to-value, Andrew will need to put 25% down so the amount of the loan will be $187,500. The deal also has these features: 1) a 12 month length, 2) a 11% interest only note, and 3) a one percent origination fee.
Accordingly, the borrower will need to contribute a $62,500 down payment plus pay a $1,875 origination fee. After the deal is closed and Andrew takes the project, he will have to begin making monthly payments of $1,719 to Flippers Lending ($187,500 principle x 11% / 12 months). At the end of the note, he sells the renovated property for $362,500. After subtracting the $20,625 in interest expenses ($1,719 multiplied by 12 months), the $1,875 origination fee, the $187,500 principle amount on the note, and the $62,500 he brought to closing, he will make a total profit of $90,000 ($362,500 price minus $272,500 in total costs). This amount would be reduced by any rehab costs paid out of pocket.
Loan Example 2
Kyle finds a house in East Fairfield, VT to remodel and re-sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from Fortune Finance Corporation with the following parameters:
a) A $370,000 purchase price, b) a 75% loan to value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 4% origination fee.
Assuming a $481,000 sales price at the end of the 18 month term, the final numbers for this deal would look like the following:
$481,000 sales price
- $277,500 note principle (75% LTV)
- $92,500 down payment (25% on 75% LTV)
- $11,100 origination points (4% of the $277,500 principle)
- $45,788 total interest paid (18 months x 11% interest)
-----------------------
= $54,113 total profit (does not include taxes or renovation costs)
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