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.
Fix and Flip Loans in St Albans, Vermont
Saint Albans, VT has 30 fix and flip lenders operating in the city. The mean loan issued to borrowers is around $305,000. Interest rates for loans average around 10.3%. The mean term for loans is 22 months. The average origination fee applied to loans is 3.2%. 74% is the typical LTV for offered by lenders in Saint Albans.
Loan Example 1
Alberto is an investor in Saint Albans, VT. He finds a run-down property for sale and decides to remodel it and flip it for a profit. The house has a cost of $200,000 but he does not have the full amount so he takes a private money loan with Frontera Lending Corporation. The loan-to-value (LTV) on the note is 70%. This means that Alberto will need to bring 30% of the purchase price to the closing and the principle amount will be $140,000 on the deal. The parameters of the deal dictate a 13% note for 12 months. They also require a 1 point origination fee, that will also have to be paid at closing.
In accordance with the terms of the loan, Alberto will have to pay a $1,400 origination fee plus 30% of the purchase price, or $60,000, since there is a 70% LTV. Frontera Lending Corporation will collect $1,517 in monthly interest from the Alberto. This is calculated by taking the full loan value of $140,000, multiplying by the 13% rate of interest, and then dividing that number by 12. If Alberto achieves his goal of a $240,000 total sales price at the end of the loan term, he would collect a gross profit of $20,400 after re-paying the principle and subtracting the cash he brought to closing, the origination fee, and the total interest payments.
Loan Example 2
Presitge Lending issues a private money loan to Glenn for a remodeling project in Saint Albans, VT. The loan includes the following:
a) A $360,000 sales price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 2% origination fee.
Assuming a $522,000 sales price after the 6 month term, the outcome for the project would look like the following:
$522,000 sales price
- $252,000 note principle (70% LTV)
- $108,000 down payment (30% on 70% LTV)
- $5,040 origination points (2% of the $252,000 principle)
- $12,600 total interest paid (6 months x 10% interest)
-----------------------
= $144,360 total profit (does not include taxes or renovation costs)
Funding Fix & Flip, Ground-Up Construction, and DSCR loans in 35 States. We're the lender for real estate entrepreneurs looking for fast funding, fair pricing, and amazing service.
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