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 North Hero, Vermont
There are 26 hard money lenders operating in North Hero, VT. Loan amounts average approximately $353,572. Rates on loans made to North Hero investors average 10.4%. 24 months is the average term for loans offered in this city. A typical loan made in the city includes a 2.0 point origination cost. Lenders offer on average a 69% loan to value on deals in North Hero.
Loan Example 1
Ofelia closes on a $260,000 rehab project in North Hero, VT, using a private money bridge loan from Smith Finance Group. The terms of the loan include a 60% loan to value (LTV), so she must bring 40% of the price as cash at closing, which makes the principle note amount $156,000. The terms of the loan dictate a 12% note for 12 months. They also require a 2 point origination fee, which will also need to be paid at closing.
Therefore, the borrower will be required to make a $104,000 down payment plus pay a $3,120 origination fee. The monthly interest-only payments will then total $1,560 to Smith Finance Group. At the expiration of the note, she sells the renovated property for $312,000. After deducting the $18,720 in interest expenses ($1,560 multiplied times 12 months), the $3,120 origination fee, the $156,000 principle on the note, and the $104,000 she brought to closing, she will earn a total profit of $30,160 ($312,000 price minus $281,840 in costs). This profit would be reduced by any rehab costs paid by Ofelia.
Loan Example 2
Wesley takes out a bridge loan from Rolling Brook Lending Corporation in order to renovate a property to flip in North Hero, VT. The loan has the following terms:
$210,000 sales price
50% loan-to-value (LTV)
18 month term
12% rate of interest
2% origination fee
If Wesley succeeds in his goal of a $273,000 sales price, the outcome of the deal would be as follows:
$273,000 sales price
- $105,000 principle on note (50% LTV)
- $105,000 down payment (50% on 50% LTV)
- $2,100 origination fee (2% of the $105,000 principle)
- $18,900 interest payments (18 months x 12% interest)
-----------------------
= $42,000 gross 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!
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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