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 Wells River, Vermont
Wells River, VT has 26 hard money bridge lenders serving the city. Note amounts average approximately $350,715. Interest rates for hard money loans average around 10.4%. The median loan issued in this city has a length of 23 months. The mean loan includes a 2.0 point origination cost. Lenders offer on average a 68% loan-to-value (LTV) on loans in Wells River.
Loan Example 1
Ray is an investor in Wells River, VT. He locates a run-down property and decides to rehab it and flip it for a profit. The property has a cost of $370,000 but he doesn't have the full amount so he obtains a hard money bridge loan with Success Lending Group. The lender agrees to make a note with a 70% loan to value (LTV) so they are willing to extend $259,000 on the property. The interest rate on the loan is 9% for a length of 6 months and the lender requires a two point origination fee at closing. The interest is to be paid on a monthly basis and the principle will be repaid after the property sells.
According to the terms of the note, Ray will need to pay a $5,180 origination fee plus 30% of the purchase price, or $111,000, based on the 70% LTV. The lender will collect $1,943 in monthly interest payments from the Ray. This is calculated by taking the total loan value of $259,000, multiplying by the 9% interest rate, and then dividing that amount by 12. If Ray accomplishes his goal of a $555,000 sales price when the loan expires, he would pocket a total profit of $168,165 after re-paying the principle and subtracting the cash he paid at closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Angie takes out a private money bridge loan from Green Square Lending Corporation in order to renovate a townhome to re-sell in Wells River, VT. The deal has the following parameters:
$320,000 sales price
70% loan-to-value (LTV)
18 month term
12% rate of interest
3% origination fee
If Angie accomplishes her goal of a $400,000 sales price, the numbers of the project will be as follows:
$400,000 sales price
- $224,000 note principle (70% LTV)
- $96,000 cash paid at closing (30% on 70% LTV)
- $6,720 origination points (3% of the $224,000 principle)
- $40,320 total interest paid (18 months x 12% interest)
-----------------------
= $32,960 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!
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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