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Bridge Loans in Westminster Station, Vermont
Westminster Station, VT has 27 hard money bridge lenders offering loans in the city. In this city, the mean amount loaned is $343,572. Interest rates on hard money loans made to Westminster Station investors average 9.9%. 25 months is the mean length for loans issued in this city. The mean origination fee applied to loans is 2.3%. The median loan to value (LTV) for loans in Westminster Station is 72%.
Loan Example 1
Edna closes on a $220,000 rehab project in Westminster Station, VT, using a hard money bridge loan from Uptown Finance Group. The lender agrees to make a loan with a 50% loan to value (LTV) so they are willing to extend $110,000 on the project. The terms of the deal also include a four point origination fee which is to be paid at the closing and a 18 month, interest-only note with a 13% rate of interest.
On top of the $4,400 origination fee, Edna will also need to fund $110,000 of the purchase with her own money, or 50% of the sales price. Once the deal is executed and Edna takes the property, she will have to begin making monthly payments of $1,192 to Uptown Finance Group ($110,000 principle x 13% / 12 months). Edna's intention is to finish the rehab within the 18 months and re-sell it for $297,000. If she succeeds she will earn a total profit of $51,150 ($297,000 price - $110,000 principle amount - $110,000 down payment - $4,400 origination points - $21,450 in interest.
Loan Example 2
Investors Finance Company makes a hard money bridge loan to Norman for a renovation project in Westminster Station, VT. The deal dictates the following:
a) A $190,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 2% origination fee.
Once the rehab project is completed, if Norman sells the house for $256,500, the numbers would be the following:
$256,500 sales price
- $123,500 principle on note (65% LTV)
- $66,500 cash paid at closing (35% on 65% LTV)
- $2,470 origination points (2% of the $123,500 principle)
- $16,055 total interest paid (12 months x 13% interest)
-----------------------
= $47,975 total profit (does not include taxes or rehab 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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