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 Springfield, Vermont
Springfield, VT has 30 fix-and-flip lenders operating within the city. The average loan amount is $346,667. The average interest rate for loans in Springfield is 11.0%. The median loan made in this city has a term of 22 months. The mean origination fee added to the loans is 2.5%. The typical loan-to-value for loans in Springfield is 74%.
Loan Example 1
Melissa is a house flipper in Springfield, VT. She locates an older property for sale and decides to rehab it and flip it for a profit. The property has a cost of $370,000 but she does not have the full amount so she takes out a hard money loan with Reliance Finance Group. The borrower will be required to contribute 30% of the sales price in cash to the closing based on a 70% loan to value stipulated by the lending company. This makes the principle amount from Reliance Finance Group $259,000. The terms of the note also include a two percent origination fee which is to be paid at the closing and a 18 month, interest only note with a 10% interest rate.
Therefore, the borrower will be required to make a $111,000 down payment in addition to paying a $5,180 origination fee. Once the deal is executed and Melissa takes on the property, she will begin making payments each month of $2,158 to Reliance Finance Group ($259,000 principle x 10% / 12 months). If Melissa achieves her goal of a $536,500 total sales price at the end of the loan term, she would pocket a gross profit of $122,470 after re-paying the principle amount and subtracting the money she brought to closing, the origination points, and the total interest payments.
Loan Example 2
Theresa takes out a hard money loan from Assurance Funding Corporation so she can rehab a property to re-sell in Springfield, VT. The deal has the following parameters:
a) A $260,000 purchase price, b) a 65% loan-to-value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 2% origination fee.
After the rehab project is finished, if Theresa sells the project for $377,000, the numbers would be the following:
$377,000 sales price
- $169,000 loan principle (65% LTV)
- $91,000 down payment (35% on 65% LTV)
- $3,380 origination points (2% of the $169,000 principle amount)
- $32,955 total interest paid (18 months x 13% interest)
-----------------------
= $80,665 gross profit (doesn't include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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