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 Richmond, Vermont
There are 26 records for hard money bridge lenders offering loans in Richmond, VT. The median loan issued is around $344,375. The median rate for private loans in Richmond is 9.8%. 24 months is the median term for loans offered in the city. The mean origination fee charged for the loans is 2.0%. 69% is the mean loan to value (LTV) for for loans in Richmond.
Loan Example 1
Nora is an investor in Richmond, VT. She finds a run-down property and decides to rehab it and sell it for a profit. The house has a cost of $220,000 but she doesn't have the full amount so she takes out a bridge loan with Friendly Lending. The terms of the note include a 60% loan to value (LTV), so she must bring 40% of the price as cash to closing, which makes the principle note amount $132,000. The terms of the loan also stipulate a one point origination fee which is to be paid at closing and a 18 month, interest-only note with a 13% rate of interest.
Nora will have to bring $88,000 to the closing (40% on the 60% loan-to-value), plus she will have to pay the $1,320 origination fee. The monthly interest-only payments will then be $1,430 to Friendly Lending. Assuming she sells the rehabed project for $286,000 at the end of the 18 month term, her total profit (not including renovation expenses) would be $38,940. This is computed by taking the purchase price ($286,000) and subtracting the principle ($132,000), the origination fee ($1,320), the funds she contributed to closing ($88,000), and the total interest payments ($25,740).
Loan Example 2
Oak Hill Investment Company makes a bridge loan to Nelson for a rehab project in Richmond, VT. The deal dictates the following:
a) A $170,000 sales price, b) a 65% loan-to-value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 5% origination fee.
After the rehab project is complete, if Nelson sells the property for $212,500, the numbers would be the following:
$212,500 sales price
- $110,500 loan principle (65% LTV)
- $59,500 down payment (35% on 65% LTV)
- $5,525 origination points (5% of the $110,500 principle)
- $15,470 total interest paid (12 months x 14% interest)
-----------------------
= $21,505 gross profit (does not include taxes or rehab 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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Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
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Boston, MA 02116
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11 Capital Finance
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