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Bridge Loans in Essex Junction, Vermont
Essex Junction, VT has 26 lenders issuing loans in the city. In this city, the average amount loaned is $322,143. Rates for private loans average about 10.5%. The average length for loans is 22 months. The average origination fee for loans is 2.5 percent. Lenders in Essex Junction average a 70% LTV on their deals.
Loan Example 1
Leona takes a bridge loan from Uptown Finance in order to remodel a house to flip in Essex Junction, VT. The sales price of the property is $370,000. The borrower will need to contribute 50% of the sales price in cash to the closing based on a 50% loan-to-value stipulated by the lender. This makes the principle note from Uptown Finance $185,000. The loan also has the following features: 1) a 6 month term, 2) a 9% interest-only note, and 3) a four percent origination charge.
Accordingly, Leona will be required to make a $185,000 down payment in addition to paying a $7,400 origination fee. The lender will collect $1,388 in monthly interest from the borrower. This is computed by taking the full note value of $185,000, multiplying by the 9% interest rate, and then dividing that amount by 12. If Leona sells the property for $518,000 after 6 months, she would then make a total profit of $132,275 after deducting the principle of $185,000, the money paid at the close of $185,000, the origination points of $7,400, and the total interest payments of $8,325. This gross profit doesn't account for remodeling costs.
Loan Example 2
Byron is a real estate investor in Essex Junction, VT. He locates an older property for a remodeling project and obtains a hard money bridge loan from GJ Investment Group with the following paramters:
$200,000 purchase price
60% loan to value (LTV)
18 month term
11% rate of interest
4% origination fee
Byron intends to sell the house when the note expires for $280,000. If he succeeds, the outcome would be as follows:
$280,000 sales price
- $120,000 note principle (60% LTV)
- $80,000 down payment (40% on 60% LTV)
- $4,800 origination fee (4% of the $120,000 principle amount)
- $19,800 interest payments (18 months x 11% interest)
-----------------------
= $55,400 gross profit (does not include taxes or rehab costs)
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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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Park Place Finance
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Peak Choice Capital
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Cherrywood Commercial
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Sunset Equity Funding
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New Silver
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Roc Capital
645 Madison Ave
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Gokapital Mortgage
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Primeau Funding
10575 N. 114th St. Suite 103
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Wallace Capital
132 Lincoln Street, Suite 6L
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Allied Commercial Funding
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Green Knight Funding
600 Loring Avenue, Suite 5
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