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Bridge Loans in Washington, Vermont
There are 27 private money lenders serving Washington, VT. The median amount for loans in the city is $346,875. The median rate for private loans in Washington is 10.4%. The median note issued in this city is 23 months in length. The average hard money loan offered in the city includes a 2.3 percent origination charge. 72% is the median loan to value (LTV) for offered by lenders in Washington.
Loan Example 1
Oscar closes on a $220,000 renovation project in Washington, VT, using a hard money bridge loan from Green Fern Lending Corporation. Because the lender agrees to a 55% loan-to-value, Oscar will be required to put 45% down so the principle amount of the loan will be $121,000. The terms of the deal also stipulate a four percent origination fee which is to be paid at the closing and a 12 month, interest-only note with a 12% rate of interest.
In accordance with the parameters of the loan, Oscar will be required to pay a $4,840 origination fee in addition to 45% of the purchase price, or $99,000, since there is a 55% LTV. he must then pay $1,210 per month to Green Fern Lending Corporation. At the end of the note, he sells the renovated house for $275,000. After subtracting the $14,520 in interest payments ($1,210 multiplied times 12 months), the $4,840 origination fee, the $121,000 principle amount on the note, and the $99,000 he brought to the closing, he will earn a gross profit of $35,640 ($275,000 sales price minus $239,360 in costs). This profit would then be reduced by any renovation costs paid out of pocket.
Loan Example 2
Forest Grove Lending Corporation makes a bridge loan to Jose for a renovation project in Washington, VT. The loan includes the following:
a) A $400,000 sales price, b) a 80% loan to value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 4% origination fee.
If Jose achieves his goal of a $600,000 sales price, the final numbers of the project would be as follows:
$600,000 sales price
- $320,000 principle on note (80% LTV)
- $80,000 down payment (20% on 80% LTV)
- $12,800 origination fee (4% of the $320,000 principle)
- $38,400 total interest paid (18 months x 8% interest)
-----------------------
= $148,800 total profit (doesn't include taxes or renovation costs)
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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