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 Johnsbury, Vermont
There are 26 records for private money bridge lenders operating in Saint Johnsbury, VT. Note amounts average around $343,572. The mean interest rate for private loans in Saint Johnsbury is 11.5%. The average length for loans is 21 months. The average loan includes a 2.3 percent origination charge. Lenders offer on average a 70% loan-to-value on deals in Saint Johnsbury.
Loan Example 1
Eleanor finds a house in Saint Johnsbury, VT to flip and resell. Since she does not have enough cash on-hand to acquire the $300,000 house outright, she takes out a private money bridge loan from East End Lending Corporation. The lender agrees to issue a note with a 65% loan to value (LTV) so they are willing to extend $195,000 on the project. The loan also has the following features: 1) a 12 month term, 2) a 9% interest only note, and 3) a one point origination charge.
The borrower must fund a total of $32,400 up front to pay the $105,000 down payment plus the $1,950 origination fee. East End Lending Corporation will collect $1,463 in monthly interest payments from the borrower. This is computed by taking the full loan value of $195,000, multiplying by the 9% interest rate, and then dividing that amount by 12. If Eleanor sells the project for $450,000 after 12 months, she would then make a total profit of $130,500 after deducting the principle amount of $195,000, the funds paid at the close of $105,000, the origination points of $1,950, and the total interest payments of $17,550. This profit does not include remodeling costs.
Loan Example 2
Melvin is a an investor in Saint Johnsbury, VT. He finds an older property for a rehab project and takes a private money bridge loan from North Shore Investment Corporation with the following paramters:
a) A $280,000 purchase price, b) a 85% loan to value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 2% origination fee.
Based on a $336,000 sales price at the end of the 12 month term, the final numbers for the deal would look like the following:
$336,000 sales price
- $238,000 principle on note (85% LTV)
- $42,000 down payment (15% on 85% LTV)
- $4,760 origination fee (2% of the $238,000 principle amount)
- $33,320 interest payments (12 months x 14% interest)
-----------------------
= $17,920 total profit (does not 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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