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 West Danville, Vermont
West Danville, VT has 26 hard money lenders serving the city. Loan amounts average about $344,375. Interest rates on private loans made to West Danville borrowers average 9.8%. The mean length for loans is 21 months. The mean loan includes a 2.3 point origination fee. Lenders typically offer a 70% loan-to-value on deals in West Danville.
Loan Example 1
Manuela is an investor in West Danville, VT. She finds an older property for sale and decides to renovate it and sell it for a profit. The property costs $300,000 but she doesn't have the full amount so she obtains a private money bridge loan with Red City Finance Company. Since the lender agrees to a 55% loan to value, Manuela will have to put 45% down so the amount of the loan will be $165,000. The parameters of the note also stipulate a one percent origination fee that will be paid at the closing and a 18 month, interest-only note with a 10% interest rate.
In addition to paying the $1,650 origination fee, Manuela will also fund $135,000 of the purchase with her own money, or 45% of the purchase price. After the deal is executed and Manuela takes on the property, she will have to begin making payments each month of $1,375 to the lender ($165,000 principle x 10% / 12 months). Assuming Manuela sells the remodeled project for $420,000 at the end of the 18 month term, her gross profit (not including renovation costs) would be $93,600. This is calculated by taking the purchase price ($420,000) and subtracting the principle ($165,000), the origination fee ($1,650), the cash she contributed to closing ($135,000), and the total interest expenses ($24,750).
Loan Example 2
Karen takes a bridge loan from Trust Finance in order to rehab a townhouse to flip in West Danville, VT. The loan has the following terms:
a) A $270,000 purchase price, b) a 60% loan to value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 1% origination fee.
Based on a $337,500 sales price after the 12 month term, the numbers for the deal would look like the following:
$337,500 sales price
- $162,000 principle (60% LTV)
- $108,000 down payment (40% on 60% LTV)
- $1,620 origination points (1% of the $162,000 principle)
- $16,200 interest payments (12 months x 10% interest)
-----------------------
= $49,680 gross profit (doesn't 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!
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