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!
Fix and Flip Loans in Middlebury, Vermont
Middlebury, VT has 30 fix and flip hard money lenders issuing loans in the city. The mean loan made is around $329,286. Rates on loans made to Middlebury investors average around 10.3%. The average length offered for notes is 18 months. The mean origination for loans is 2.7 points. Lenders typically offer a 74% loan-to-value on hard money loans in Middlebury.
Loan Example 1
Brittney takes a hard money loan from Brook View Lending Group in order to renovate a townhome to flip in Middlebury, VT. The list price of the house is $330,000. The terms of the deal include a 85% loan-to-value (LTV), so she must contribute 15% of the price as cash to closing, making the principle loan amount $280,500. The loan also includes the following features: 1) a 18 month length, 2) a 12% interest-only note, and 3) a two point origination fee.
Brittney will need to contribute $49,500 at closing (15% on the 85% LTV), plus she will pay the $5,610 origination fee. The monthly interest-only payments will then total $2,805 to the lender. If Brittney sells the remodeled house for $396,000 at the end of the 18 month term, her total profit (not including renovation expenses) would be $9,900. This is calculated by taking the purchase price ($396,000) and subtracting the original note amount ($280,500), the origination cost ($5,610), the money she contributed to closing ($49,500), and the total interest payments ($50,490).
Loan Example 2
Lorena locates a duplex in Middlebury, VT to rehab and resell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Uptown Investment Company with the following parameters:
$190,000 purchase price
60% loan-to-value (LTV)
12 month term
8% interest rate
4% origination fee
Based on a $275,500 sales price at the end of the 12 month term, the numbers for the project would look like this:
$275,500 sales price
- $114,000 loan principle (60% LTV)
- $76,000 cash paid at closing (40% on 60% LTV)
- $4,560 origination fee (4% of the $114,000 principle)
- $9,120 interest payments (12 months x 8% interest)
-----------------------
= $71,820 gross profit (does not include taxes or renovation costs)
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