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 Plainfield, Vermont
Plainfield, VT has 27 private money bridge lenders in the city. In this city, the mean amount for loans is $339,445. Interest rates for hard money loans average about 10.4%. The mean loan issued in the city is 22 months in length. The mean origination for loans is 2.3 points. Lenders offer on average a 72% LTV on loans in Plainfield.
Loan Example 1
Mamie closes on a $230,000 renovation project in Plainfield, VT, using a private money bridge loan from Ocean View Funding. The loan-to-value (LTV) on the loan is 65%. This means that Mamie will need to bring 35% of the purchase price to closing and the principle amount will be $149,500 on the note. The rate on the note is 13% for a term of 12 months and the lender requires a one point origination fee at the close. The interest payments are to be paid on a monthly basis and the principle will be paid back after the property sells.
Mamie will need to bring $80,500 to closing (35% on the 65% loan-to-value), plus she will pay the $1,495 origination fee. Once the loan closes, she will pay the lender $1,620 in monthly interest payments, or 13% multiplied times $149,500 divided by 12 months in a year. If Mamie sells the project for $276,000 after 12 months, she would realize a total profit of $25,070 after subtracting the principle of $149,500, the cash contributed at closing of $80,500, the origination points of $1,495, and the total interest payments of $19,435. This profit doesn't include remodeling costs.
Loan Example 2
Karl is a an investor in Plainfield, VT. He locates an older property for a rehab project and takes out a private money bridge loan from Coastal Funding Company with the following paramters:
a) A $390,000 sales price, b) a 75% loan to value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 3% origination fee.
If Karl succeeds in his goal of a $468,000 sales price, the final numbers of the deal would be the following:
$468,000 sales price
- $292,500 note principle (75% LTV)
- $97,500 cash paid at closing (25% on 75% LTV)
- $8,775 origination fee (3% of the $292,500 principle)
- $40,950 total interest paid (12 months x 14% interest)
-----------------------
= $28,275 total 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!
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
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