Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
Bridge Loans in Plymouth, Vermont
Plymouth, VT has 26 private money bridge lenders in the city. The average loan issued to borrowers is about $319,375. The average interest rate for hard money loans in Plymouth is 9.9%. The typical loan made in this city is for 23 months. The mean origination percentage added to the loans is 2.5%. The average LTV offered for loans in Plymouth is 71%.
Loan Example 1
Angel takes a bridge loan from Credence Investments in order to remodel a duplex to flip in Plymouth, VT. The sales price of the property is $150,000. The lender agrees to make a loan with a 75% loan-to-value (LTV) so they will loan $112,500 on the project. The deal also includes the following features: 1) a 12 month term, 2) a 8% interest-only note, and 3) a five point origination charge.
On top of the $5,625 origination fee, Angel will also fund $37,500 of the purchase with his own money, or 25% of the sales price. Once the deal closes, he will have to pay Credence Investments $750 in monthly interest fees, or 8% multiplied by $112,500 divided by 12 months in a year. At the expiration of the loan, he sells the renovated property for $210,000. After deducting the $9,000 in total interest payments ($750 multiplied by 12 months), the $5,625 origination fee, the $112,500 principle amount on the loan, and the $37,500 he contributed to the closing, he will make a gross profit of $45,375 ($210,000 sales price minus $164,625 in costs). This profit would be reduced by any rehab costs paid by the borrow.
Loan Example 2
Marie locates a duplex in Plymouth, VT to remodel and resell. Because she does not have enough cash to buy the property outright, she takes a bridge loan from Riverside Funding Corporation with the following parameters:
a) A $310,000 purchase price, b) a 85% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 2% origination fee.
Once the renovation project is finished, if Marie sells the project for $465,000, the final numbers would be as follows:
$465,000 sales price
- $263,500 principle (85% LTV)
- $46,500 down payment (15% on 85% LTV)
- $5,270 origination points (2% of the $263,500 principle)
- $11,858 interest payments (6 months x 9% interest)
-----------------------
= $137,873 gross profit (doesn't include taxes or rehab costs)
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!
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