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 Newfane, Vermont
A total of 26 records for private money bridge lenders were found in Newfane, VT. The average note made is about $338,125. Rates on hard money loans made to Newfane investors average 11.3%. The mean length for notes is 23 months. The mean origination for loans is 2.3 points. The average LTV for loans in Newfane is 72%.
Loan Example 1
Elsa finds a duplex in Newfane, VT to rehab and sell. Since she does not have enough cash available to buy the $370,000 project outright, she decides to take out a bridge loan from Suburban Finance Corporation. The borrower will have to fund 30% of the purchase price in cash to closing based on a 70% loan to value set by the lending company. This makes the loan principle from Suburban Finance Corporation $259,000. The loan is interest-only, with monthly payments, and is for 18 months at 12% interest with 4 points to be paid at closing.
Elsa will have to fund a total of $32,400 upon closing to pay the $111,000 down payment plus the $10,360 origination fee. she will then pay $2,590 monthly to the lender. Assuming she sells the remodeled project for $462,500 at the end of the 18 month term, her gross profit (not accounting for remodeling expenses) would be $35,520. This is calculated by taking the sales price ($462,500) and subtracting the original principle ($259,000), the origination cost ($10,360), the funds she contributed to closing ($111,000), and the total interest payments ($46,620).
Loan Example 2
Patricia is a real estate investor in Newfane, VT. She finds a run-down townhouse for a rehab project and takes a private money bridge loan from Ocean View Lending with the following paramters:
a) A $300,000 sales price, b) a 55% loan to value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 5% origination fee.
Once the rehab project is completed, if Patricia sells the property for $450,000, the final numbers would be as follows:
$450,000 sales price
- $165,000 principle on note (55% LTV)
- $135,000 cash paid at closing (45% on 55% LTV)
- $8,250 origination fee (5% of the $165,000 principle amount)
- $32,175 interest payments (18 months x 13% interest)
-----------------------
= $109,575 total profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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