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Bridge Loans in Highgate Springs, Vermont
We found 27 records for hard money bridge lenders in Highgate Springs, VT. The median amount loaned in this city is $344,375. The median rate for loans in Highgate Springs is 10.3%. 23 months is the median length for loans made in this city. The mean origination percentage added to loans is 2.3%. The mean loan to value offered for loans in Highgate Springs is 72%.
Loan Example 1
Alex finds a townhouse in Highgate Springs, VT to rehab and resell. Since he doesn't have enough cash available to acquire the $280,000 project outright, he decides to take out a bridge loan from Easy Brook Finance Group. As the lender agrees to a 85% loan to value, Alex will be required to put 15% down and the amount of the note will be $238,000. The deal also includes these features: 1) a 18 month length, 2) a 11% interest only note, and 3) a three percent origination charge.
Alex will have to contribute $42,000 at the closing (15% on the 85% loan to value), plus he will need to pay the $7,140 origination fee. Easy Brook Finance Group will collect $2,182 in monthly interest from the Alex. This is calculated by taking the total note amount of $238,000, multiplying by the 11% rate of interest, and then dividing that amount by 12. At the expiration of the loan, he sells the renovated property for $420,000. After deducting the $39,270 in interest payments ($2,182 multiplied by 18 months), the $7,140 origination fee, the $238,000 principle amount on the loan, and the $42,000 he brought to the closing, he will earn a total profit of $93,590 ($420,000 sales price minus $326,410 in total costs). This amount would be reduced by any building costs paid out of pocket.
Loan Example 2
Reliance Investment Group makes a bridge loan to Jewell for a remodeling project in Highgate Springs, VT. The deal includes the following:
a) A $360,000 purchase price, b) a 55% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 4% origination fee.
After the rehab project is complete, if Jewell sells the project for $450,000, the numbers would be as follows:
$450,000 sales price
- $198,000 loan principle (55% LTV)
- $162,000 down payment (45% on 55% LTV)
- $7,920 origination fee (4% of the $198,000 principle)
- $35,640 interest payments (18 months x 12% interest)
-----------------------
= $46,440 total profit (does not 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!
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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