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 Vernon, Vermont
Vernon, VT has 26 bridge lenders serving the city. Loan amounts average approximately $343,572. The mean rate for loans in Vernon is 10.3%. The typical length for notes is 24 months. The average points added to the loans is 2.3%. Lenders in Vernon average a 71% LTV on their loans.
Loan Example 1
Brad takes a private money bridge loan from Urban Investment Corporation in order to rehab a house to resale in Vernon, VT. The price of the property is $230,000. The borrower will be required to bring 15% of the purchase price in cash to the closing based on a 85% loan-to-value set by the lender. This makes the principle note from Urban Investment Corporation $195,500. The parameters of the deal also stipulate a four point origination fee that will be paid at the closing and a 6 month, interest-only note with a 8% rate of interest.
Accordingly, the borrower will have to make a $34,500 down payment plus pay a $7,820 origination fee. Once the loan is executed and Brad takes over the property, he will begin making monthly payments of $1,303 to Urban Investment Corporation ($195,500 principle x 8% / 12 months). If Brad sells the house for $276,000 after 6 months, he would then make a gross profit of $30,360 after deducting the principle of $195,500, the cash contributed at closing of $34,500, the origination fee of $7,820, and the total interest payments of $7,820. This gross profit does not include rehab costs.
Loan Example 2
Henry takes a private money bridge loan from Flourish Funding Group so he can rehab a property to re-sell in Vernon, VT. The deal has the following terms:
a) A $330,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 5% origination fee.
If Henry accomplishes his goal of a $495,000 sales price, the final numbers of the deal will be as follows:
$495,000 sales price
- $214,500 note principle (65% LTV)
- $115,500 cash paid at closing (35% on 65% LTV)
- $10,725 origination fee (5% of the $214,500 principle amount)
- $17,160 total interest paid (12 months x 8% interest)
-----------------------
= $137,115 total profit (doesn't 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!
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