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Bridge Loans in Proctorsville, Vermont
Proctorsville, VT has 27 hard money bridge lenders operating in the city. Note amounts average about $343,572. Rates on private loans issued to Proctorsville investors average 10.4%. 21 months is the mean length for notes issued in the city. A typical hard money loan made in the city carries a 2.3 point origination cost. Lenders offer on average a 68% LTV on deals in Proctorsville.
Loan Example 1
Nelson is a house flipper in Proctorsville, VT. He discovers a run-down property for sale and decides to remodel it and sell it for a profit. The house costs $360,000 but he doesn't have the full amount so he obtains a bridge loan with Perfect Funding. The terms of the loan include a 60% loan-to-value (LTV), so he must contribute 40% of the price as cash to closing, making the principle note amount $216,000. The rate on the loan is 10% for a term of 6 months and the company requires a five 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.
Nelson will need to contribute $144,000 to the closing (40% on the 60% loan-to-value), plus he will have to pay the $10,800 origination fee. The monthly interest-only payments will then be $1,800 to Perfect Funding. If Nelson sells the project for $432,000 after 6 months, he would make a total profit of $50,400 after deducting the principle of $216,000, the funds paid at closing of $144,000, the origination points of $10,800, and the aggregate interest payments of $10,800. This profit doesn't account for building costs.
Loan Example 2
Morris takes out a bridge loan from Red City Funding so he can rehab a townhome to resell in Proctorsville, VT. The deal has the following parameters:
$190,000 purchase price
70% loan-to-value (LTV)
12 month term
10% interest rate
4% origination fee
Assuming a $285,000 sales price after the 12 month term, the outcome for the project would look like the following:
$285,000 sales price
- $133,000 principle on note (70% LTV)
- $57,000 cash paid at closing (30% on 70% LTV)
- $5,320 origination fee (4% of the $133,000 principle amount)
- $13,300 interest payments (12 months x 10% interest)
-----------------------
= $76,380 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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