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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)
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.
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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