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Bridge Loans in Londonderry, Vermont
Londonderry, VT has 27 hard money lenders issuing loans in the city. The average note issued is around $343,572. The average rate for hard money loans in Londonderry is 10.4%. The typical length for loans is 24 months. The mean note includes a 2.0 point origination charge. 68% is the mean LTV for offered by lenders in Londonderry.
Loan Example 1
Leroy takes a private money bridge loan from East End Finance Company in order to remodel a property to flip in Londonderry, VT. The price of the property is $170,000. The borrower will need to contribute 20% of the sales price in cash to closing based on a 80% loan-to-value stipulated by the lender. This makes the principle note from East End Finance Company $136,000. The note is interest-only, with monthly payments, and is for 6 months at 11% interest with 4 origination points to be paid when the deal closes.
According to the parameters of the loan, Leroy will be required to contribute a $5,440 origination fee plus 20% of the sales price, or $34,000, based on the 80% LTV. The lender will collect $1,247 in monthly interest payments from the Leroy. This is calculated by taking the full note value of $136,000, multiplying that by the 11% rate of interest, and then dividing that number by 12. Leroy's plan is to complete the house by the end of the 6 months and re-sell it for $255,000. If he succeeds he will collect a total profit of $72,080 ($255,000 sales price - $136,000 principle - $34,000 cash paid at closing - $5,440 origination fee - $7,480 in total interest.
Loan Example 2
Hugh is a an investor in Londonderry, VT. He buys an older house for a renovation project and obtains a bridge loan from Progressive Investments with the following features:
$350,000 sales price
55% loan-to-value (LTV)
18 month term
10% rate of interest
4% origination fee
If Hugh accomplishes his goal of a $420,000 sales price, the numbers of the project would be as follows:
$420,000 sales price
- $192,500 principle on note (55% LTV)
- $157,500 down payment (45% on 55% LTV)
- $7,700 origination points (4% of the $192,500 principle)
- $28,875 interest payments (18 months x 10% interest)
-----------------------
= $33,425 gross profit (does not include taxes or rehab costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
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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T&M Commercial Funding
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Park Place Finance
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Peak Choice Capital
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New Silver
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