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Bridge Loans in Sheldon, Vermont
A total of 27 records for private money bridge lenders were found in Sheldon, VT. In this city, the median loan amount is $338,125. Rates on hard money loans issued to Sheldon borrowers average around 10.8%. The median loan issued in the city has a term of 23 months. The average origination for loans is 2.3 percent. 71% is the median loan to value (LTV) for offered by lenders in Sheldon.
Loan Example 1
Edna takes a bridge loan from Blue Sky Finance Company in order to remodel a condo to resale in Sheldon, VT. The price of the house is $250,000. The lender agrees to make a note with a 80% loan-to-value (LTV) so they are willing to loan $200,000 on the property. The parameters of the deal dictate a 14% note for 18 months. They also require a 3 point origination fee, that will also need to be paid at closing.
In addition to paying the $6,000 origination fee, Edna will also need to fund $50,000 of the purchase with her own funds, or 20% of the purchase price. After the loan closes, she will pay the lender $2,333 in monthly interest fees, or 14% multiplied by $200,000 divided by 12 months in a year. At the expiration of the note, she sells the renovated house for $350,000. After subtracting the $42,000 in total interest payments ($2,333 multiplied by 18 months), the $6,000 origination fee, the $200,000 principle on the note, and the $50,000 she brought to closing, she will earn a gross profit of $52,000 ($350,000 price minus $298,000 in total costs). This amount would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
Vincent finds a townhouse in Sheldon, VT to remodel and sell. Since he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Dimension Investments with the following parameters:
a) A $350,000 purchase price, b) a 75% loan-to-value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 2% origination fee.
Once the renovation project is complete, if Vincent sells the house for $420,000, the numbers would be as follows:
$420,000 sales price
- $262,500 principle (75% LTV)
- $87,500 down payment (25% on 75% LTV)
- $5,250 origination fee (2% of the $262,500 principle amount)
- $43,313 total interest paid (18 months x 11% interest)
-----------------------
= $21,438 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!
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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