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 Killington, Vermont
Killington, VT has 26 hard money bridge lenders offering loans in the city. The average loan amount in the city is $344,375. Rates for loans average 10.4%. The mean loan made in the city is 24 months in length. A typical loan made in the city includes a 2.0 percent origination charge. Lenders offer on average a 71% loan-to-value (LTV) on deals in Killington.
Loan Example 1
Kelly takes a hard money bridge loan from Flippers Funding Group in order to renovate a duplex to flip in Killington, VT. The sales price of the house is $330,000. The loan-to-value (LTV) on the deal is 60%. This means Kelly will bring 40% of the sales price to the closing and the principle will be $198,000 on the loan. The loan is interest-only, paid monthly, and is for 6 months at 13% interest with 4 origination points paid when the deal closes.
Kelly will need to bring $132,000 to closing (40% on the 60% loan to value), plus he will pay the $7,920 origination fee. he will then pay $2,145 monthly to Flippers Funding Group. Assuming Kelly sells the remodeled project for $478,500 at the end of the 6 month term, his total profit (not including remodeling expenses) would be $127,710. This is calculated by taking the sales price ($478,500) and subtracting the principle ($198,000), the origination fee ($7,920), the cash he contributed to closing ($132,000), and the total interest expenses ($12,870).
Loan Example 2
Green Fern Lending Company makes a hard money bridge loan to Richard for a renovation project in Killington, VT. The deal dictates the following:
$220,000 sales price
75% loan-to-value (LTV)
6 month term
9% interest rate
2% origination fee
If Richard accomplishes his goal of a $286,000 sales price, the outcome of the project would be as follows:
$286,000 sales price
- $165,000 principle (75% LTV)
- $55,000 cash paid at closing (25% on 75% LTV)
- $3,300 origination fee (2% of the $165,000 principle amount)
- $7,425 interest payments (6 months x 9% interest)
-----------------------
= $55,275 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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