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Bridge Loans in Wells River, Vermont
Wells River, VT has 27 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)
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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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Peak Choice Capital
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New Silver
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