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 Springfield, Vermont
North Springfield, VT has 26 hard money lenders issuing loans in the city. The average loan amount is $344,375. Rates on private loans made to North Springfield investors average about 10.4%. The median term offered for notes is 20 months. The average note includes a 2.3 percent origination fee. 70% is the typical LTV offered for for loans in North Springfield.
Loan Example 1
Ingrid finds a townhouse in North Springfield, VT to renovate and resell. Since she doesn't have enough cash to acquire the $340,000 house outright, she decides to take out a private money bridge loan from Perfect Finance Corporation. The borrower will need to contribute 30% of the purchase price in cash to the closing based on a 70% loan to value set by the lending company. This makes the principle amount from Perfect Finance Corporation $238,000. The loan also has the following features: 1) a 12 month length, 2) a 11% interest only note, and 3) a five percent origination charge.
Accordingly, Ingrid will have to make a $102,000 down payment in addition to paying a $11,900 origination fee. The monthly interest only payments will then total $2,182 to the lender. Ingrid's intention is to finish the remodel within the 12 months and resell it for $442,000. If she succeeds she will collect a profit of $63,920 ($442,000 sales price - $238,000 principle amount - $102,000 cash paid at closing - $11,900 origination points - $26,180 in total interest paid.
Loan Example 2
Red Oak Investments issues a private money bridge loan to Doris for a remodeling project in North Springfield, VT. The loan dictates the following:
$180,000 purchase price
80% loan to value (LTV)
18 month term
14% rate of interest
4% origination fee
If Doris achieves her goal of a $261,000 sales price, the numbers of the project will be as follows:
$261,000 sales price
- $144,000 note principle (80% LTV)
- $36,000 down payment (20% on 80% LTV)
- $5,760 origination points (4% of the $144,000 principle)
- $30,240 total interest paid (18 months x 14% interest)
-----------------------
= $45,000 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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