Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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!
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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Stormfield Capital
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Patch Lending
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T&M Commercial Funding
259 Minot Ave
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Park Place Finance
500 West 2nd Suite 1900
Austin, TX 78701
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Peak Choice Capital
601 Silver Creek Drive
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Sunset Equity Funding
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Cherrywood Commercial
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New Silver
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Roc Capital
645 Madison Ave
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Primeau Funding
10575 N. 114th St. Suite 103
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Wallace Capital
132 Lincoln Street, Suite 6L
Boston, MA 02111
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Green Knight Funding
600 Loring Avenue, Suite 5
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