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Bridge Loans in Mount Holly, Vermont
A total of 28 records for private money bridge lenders were found in Mount Holly, VT. The mean amount for loans in the city is $350,715. The mean interest rate for private loans in Mount Holly is 10.4%. The mean loan issued in the city has a length of 23 months. The average origination for the loans is 2.0 points. Lenders typically offer a 68% loan-to-value (LTV) on deals in Mount Holly.
Loan Example 1
Uptown Investment Group makes a bridge loan to Jodie for a rehab project in Mount Holly, VT, on a house that costs $210,000. Because the lender agrees to a 75% loan to value, Jodie will need to put 25% down and the amount of the note will be $157,500. The interest rate on the note is 9% for a length of 18 months and the company requires a one point origination fee at the closing. The interest payments are to be paid monthly and the principle will be paid back after the property sells.
The borrower must contribute a total of $32,400 up front to cover the $52,500 down payment plus the $1,575 origination fee. After the deal is closed and Jodie takes over the project, she will need to begin making payments each month of $1,181 to the lender ($157,500 principle x 9% / 12 months). At the expiration of the loan, she sells the renovated house for $315,000. After deducting the $21,263 in interest expenses ($1,181 multiplied by 18 months), the $1,575 origination fee, the $157,500 principle amount on the loan, and the $52,500 she brought to closing, she will make a gross profit of $82,163 ($315,000 price minus $232,838 in total costs). This profit would be reduced by any building costs paid out of pocket.
Loan Example 2
Gilbert is a real estate investor in Mount Holly, VT. He finds an older property for a rehab project and takes out a hard money bridge loan from Advanced Investment Company with the following features:
a) A $210,000 sales price, b) a 75% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 3% origination fee.
Gilbert plans to sell the property at the end of the term for $315,000. If he accomplishes his goal, the outcome would be as follows:
$315,000 sales price
- $157,500 note principle (75% LTV)
- $52,500 down payment (25% on 75% LTV)
- $4,725 origination fee (3% of the $157,500 principle amount)
- $14,175 interest payments (12 months x 9% interest)
-----------------------
= $86,100 total profit (does not include taxes or rehab costs)
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