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 Orleans, Vermont
Orleans, VT has 30 fix and flip hard money lenders offering loans within the city. The average note issued to borrowers is about $331,072. Rates for hard money loans average around 10.1%. The median length for loans is 29 months. The mean origination for the loans is 2.9 percent. 72% is the median loan to value for offered by lenders in Orleans.
Loan Example 1
Howard finds a duplex in Orleans, VT to flip and resell. Since he doesn't have enough cash to purchase the $310,000 house outright, he decides to take out a hard money loan from Perfect Funding. Because the lender sets a 70% loan-to-value, Howard will have to put 30% down so the principle amount of the loan will be $217,000. The deal also consists of these features: 1) a 18 month length, 2) a 14% interest only note, and 3) a one point origination charge.
In addition to paying the $2,170 origination fee, Howard will also fund $93,000 of the purchase with his own cash, or 30% of the purchase price. Perfect Funding will collect $2,532 in monthly interest payments from the Howard. This is computed by taking the full loan value of $217,000, multiplying by the 14% interest rate, and then dividing that number by 12. If Howard sells the property for $372,000 after 18 months, he would make a gross profit of $14,260 after deducting the principle of $217,000, the funds paid at the close of $93,000, the origination points of $2,170, and the total interest payments of $45,570. This profit doesn't account for rehab costs.
Loan Example 2
East Star Lending Corporation issues a hard money loan to Zachary for a renovation project in Orleans, VT. The deal includes the following:
a) A $280,000 sales price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 2% origination fee.
Zachary plans to sell the project when the note expires for $364,000. If he accomplishes his goal, the outcome will be the following:
$364,000 sales price
- $196,000 note principle (70% LTV)
- $84,000 down payment (30% on 70% LTV)
- $3,920 origination fee (2% of the $196,000 principle)
- $11,760 interest payments (6 months x 12% interest)
-----------------------
= $68,320 total profit (does not include taxes or rehab 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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