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 Groton, Vermont
A total of 26 records for hard money bridge lenders were found in Groton, VT. The average note issued to borrowers is about $338,125. The average rate for private loans in Groton is 9.9%. The average loan made in the city is 23 months in length. The average loan offered in this city carries a 2.3 point origination charge. 69% is the typical loan-to-value offered for offered by lenders in Groton.
Loan Example 1
Wallace is an investor in Groton, VT. He locates an older property and wants to remodel it and flip it for a profit. The house costs $200,000 but he does not have the full amount so he obtains a hard money bridge loan with BCC Investment Group. The loan-to-value (LTV) on the loan is 75%. This means Wallace will have to bring 25% of the purchase price to closing and the principle will be $150,000 on the deal. The terms of the deal also stipulate a four percent origination fee which is to be paid at closing and a 18 month, interest-only note with a 12% interest rate.
In accordance with the terms of the loan, Wallace will need to pay a $6,000 origination fee plus 25% of the purchase price, or $50,000, since there is a 75% LTV. The monthly interest-only payments will then total $1,500 to the lender. Wallace's plan is to finish the project within the 18 months and resell it for $260,000. If he succeeds he will collect a total profit of $27,000 ($260,000 price - $150,000 principle - $50,000 cash paid at closing - $6,000 origination points - $27,000 in interest.
Loan Example 2
Byron locates a property in Groton, VT to rehab and re-sell. Since he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Frontera Lending with the following parameters:
a) A $290,000 purchase price, b) a 75% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 1% origination fee.
Byron intends to sell the house when the note expires for $406,000. If he succeeds, the deal numbers would be the following:
$406,000 sales price
- $217,500 loan principle (75% LTV)
- $72,500 cash paid at closing (25% on 75% LTV)
- $2,175 origination points (1% of the $217,500 principle amount)
- $14,138 total interest paid (6 months x 13% interest)
-----------------------
= $99,688 total profit (doesn't include taxes or renovation 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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