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 Sutton, Vermont
There are 26 private money lenders operating in Sutton, VT. The mean loan made is around $322,143. Interest rates for private loans average around 10.4%. The average loan made in the city is 25 months in length. The average origination fee added to loans is 2.0%. Lenders typically offer a 69% loan to value on hard money loans in Sutton.
Loan Example 1
Number One Investments issues a bridge loan to Terrence for a renovation project in Sutton, VT, on a house that is listed for $170,000. The lender agrees to make a note with a 80% loan-to-value (LTV) so they are willing to loan $136,000 on the property. The interest rate on the note is 12% for a length of 18 months and the company requires a three point origination fee at the closing. The interest is to be paid on a monthly basis and the principle amount will be returned after the property sells.
According to the parameters of the loan, Terrence will be required to contribute a $4,080 origination fee plus 20% of the purchase price, or $34,000, since there is a 80% LTV. Number One Investments will collect $1,360 in monthly interest payments from the borrower. This is calculated by taking the total note value of $136,000, multiplying by the 12% rate of interest, and then dividing that amount by 12. At the expiration of the note, he sells the renovated house for $246,500. After deducting the $24,480 in interest expenses ($1,360 multiplied by 18 months), the $4,080 origination fee, the $136,000 principle on the note, and the $34,000 he contributed to the closing, he will earn a gross profit of $47,940 ($246,500 price minus $198,560 in total costs). This amount would then be reduced by any renovation costs paid by Terrence.
Loan Example 2
Travis finds a duplex in Sutton, VT to remodel and re-sell. Since he does not have enough cash to buy the property outright, he takes a hard money bridge loan from North Side Lending Corporation with the following parameters:
$240,000 purchase price
85% loan-to-value (LTV)
18 month term
14% interest rate
2% origination fee
Travis intends to sell the house at the end of the term for $348,000. If he achieves this goal, the deal numbers will be the following:
$348,000 sales price
- $204,000 principle on note (85% LTV)
- $36,000 cash paid at closing (15% on 85% LTV)
- $4,080 origination fee (2% of the $204,000 principle)
- $42,840 interest payments (18 months x 14% interest)
-----------------------
= $61,080 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!
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