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 St Albans Bay, Vermont
Saint Albans Bay, VT has 26 hard money bridge lenders in the city. The median note issued is approximately $322,143. Interest rates on private loans issued to Saint Albans Bay borrowers average 10.4%. 24 months is the median length for loans made in the city. The average origination for loans is 2.5 percent. 73% is the median loan to value offered for offered by lenders in Saint Albans Bay.
Loan Example 1
Crystal finds a condo in Saint Albans Bay, VT to renovate and re-sell. Since she does not have enough cash to buy the $200,000 property outright, she takes out a bridge loan from Dynamic Lending. Since the lender sets a 80% loan to value, Crystal will be required to put 20% down and the amount of the loan will be $160,000. The interest rate on the loan is 13% for a term of 6 months and the company requires a four point origination fee at the close. The interest payments are to be paid on a monthly basis and the principle will be returned after the sale of the property.
Crystal will need to contribute a total of $32,400 up front to cover the $40,000 down payment plus the $6,400 origination fee. she will then pay $1,733 monthly to Dynamic Lending. If Crystal sells the project for $280,000 after 6 months, she would realize a total profit of $63,200 after deducting the original principle of $160,000, the cash contributed at closing of $40,000, the origination points of $6,400, and the aggregate interest payments of $10,400. This amount does not include remodeling costs.
Loan Example 2
Rene is a real estate investor in Saint Albans Bay, VT. He buys an older house for a rehab project and obtains a private money bridge loan from Reliance Finance Corporation with the following paramters:
a) A $320,000 purchase price, b) a 60% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 5% origination fee.
Assuming a $480,000 sales price at the end of the 12 month term, the final numbers for this project would look like this:
$480,000 sales price
- $192,000 principle on note (60% LTV)
- $128,000 down payment (40% on 60% LTV)
- $9,600 origination fee (5% of the $192,000 principle)
- $21,120 total interest paid (12 months x 11% interest)
-----------------------
= $129,280 gross profit (doesn't 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!
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