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Bridge Loans in Lunenburg, Vermont
There are 28 private money lenders operating in Lunenburg, VT. The average note amount is $346,875. Interest rates on loans issued to Lunenburg investors average 10.3%. 22 months is the average length for loans issued in this city. The average origination percentage charged for the loans is 2.3%. The mean LTV offered for loans in Lunenburg is 71%.
Loan Example 1
Ruben takes a private money bridge loan from Rehabbers Lending Corporation in order to remodel a property to flip in Lunenburg, VT. The sales price of the house is $210,000. As the lender sets a 55% loan to value, Ruben will have to put 45% down so the total amount of the note will be $115,500. The parameters of the loan dictate a 8% note for 6 months. They also require a 5 point origination fee, that will also have to be paid when the property closes.
On top of the $5,775 origination fee, Ruben will also need to fund $94,500 of the purchase with his own funds, or 45% of the sales price. Once the loan is closed and Ruben takes over the project, he will begin making payments each month of $770 to Rehabbers Lending Corporation ($115,500 principle x 8% / 12 months). At the expiration of the note, he sells the renovated house for $262,500. After deducting the $4,620 in total interest payments ($770 multiplied times 6 months), the $5,775 origination fee, the $115,500 principle amount on the note, and the $94,500 he brought to closing, he will earn a gross profit of $42,105 ($262,500 sales price minus $220,395 in total costs). This amount would be reduced by any renovation costs paid by the borrow.
Loan Example 2
Javier locates a townhouse in Lunenburg, VT to rehab and resell. Since he does not have enough cash to buy the property outright, he takes a private money bridge loan from Famous Lending Company with the following parameters:
$400,000 purchase price
75% loan to value (LTV)
6 month term
14% rate of interest
5% origination fee
Once the rehab project is completed, if Javier sells the house for $520,000, the numbers would be as follows:
$520,000 sales price
- $300,000 principle on note (75% LTV)
- $100,000 cash paid at closing (25% on 75% LTV)
- $15,000 origination points (5% of the $300,000 principle)
- $21,000 interest payments (6 months x 14% interest)
-----------------------
= $84,000 gross profit (doesn't include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nations largest private lenders to residential real estate investors!
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