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 Jamaica, Vermont
Jamaica, VT has 26 bridge lenders issuing loans in the city. The average amount for loans is $315,000. Interest rates on loans made to Jamaica investors average 11.3%. The median loan made in this city is for 23 months. The average origination for loans is 2.5 percent. 71% is the median loan to value offered for for loans in Jamaica.
Loan Example 1
Richard finds a duplex in Jamaica, VT to renovate and resell. Since he does not have enough cash on-hand to purchase the $290,000 house outright, he decides to take out a hard money bridge loan from Fortune Finance Group. The terms of the loan include a 80% loan-to-value (LTV), so he must bring 20% of the price as cash at closing, making the principle loan amount $232,000. The terms of the loan dictate a 12% note for 18 months. They also require a 1 point origination fee, that will also be paid when the property closes.
Richard will need to bring $58,000 at the closing (20% on the 80% LTV), plus he will pay the $2,320 origination fee. The lender will collect $2,320 in monthly interest from the borrower. This is computed by taking the total note value of $232,000, multiplying by the 12% rate of interest, and then dividing that amount by 12. If Richard sells the rehabed house for $377,000 at the end of the 18 month term, his total profit (not including rehab expenses) would be $42,920. This is computed by taking the sales price ($377,000) and subtracting the original note amount ($232,000), the origination cost ($2,320), the money he brought to closing ($58,000), and the total interest expenses ($41,760).
Loan Example 2
Terrance locates a property in Jamaica, VT to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a private money bridge loan from East Shore Lending with the following parameters:
a) A $250,000 purchase price, b) a 55% loan to value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 5% origination fee.
Assuming a $300,000 sales price at the end of the 18 month term, the final numbers for the project would look like this:
$300,000 sales price
- $137,500 note principle (55% LTV)
- $112,500 down payment (45% on 55% LTV)
- $6,875 origination fee (5% of the $137,500 principle amount)
- $16,500 total interest paid (18 months x 8% interest)
-----------------------
= $26,625 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!
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