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 Websterville, Vermont
Websterville, VT has 27 lenders issuing loans in the city. The average amount for loans is $344,375. Rates for hard money loans average around 10.4%. 23 months is the average length for loans offered in this city. A typical hard money loan offered in the city includes a 2.0 point origination cost. The mean LTV for loans in Websterville is 69%.
Loan Example 1
Meredith closes on a $320,000 rehab project in Websterville, VT, using a private money bridge loan from North End Investments. As the lender sets a 70% loan-to-value, Meredith will be required to put 30% down so the principle amount of the loan will be $224,000. The loan is interest-only, paid monthly, and is for 18 months at 12% interest with 4 points to be paid when the deal closes.
Meredith will have to contribute $96,000 to closing (30% on the 70% LTV), plus she will pay the $8,960 origination fee. The monthly interest-only payments will then total $2,240 to the lender. If Meredith sells the house for $432,000 after 18 months, she would then realize a gross profit of $62,720 after subtracting the original principle of $224,000, the cash contributed at the close of $96,000, the origination points of $8,960, and the total interest payments of $40,320. This amount does not account for rehab costs.
Loan Example 2
Christine takes out a hard money bridge loan from Capable Finance so she can renovate a house to re-sell in Websterville, VT. The deal has the following terms:
a) A $170,000 purchase price, b) a 55% loan-to-value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 4% origination fee.
If Christine achieves her goal of a $221,000 sales price, the outcome of the project would be as follows:
$221,000 sales price
- $93,500 principle on note (55% LTV)
- $76,500 down payment (45% on 55% LTV)
- $3,740 origination fee (4% of the $93,500 principle amount)
- $4,675 interest payments (6 months x 10% interest)
-----------------------
= $42,585 total profit (does not include taxes or renovation costs)
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