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 Williston, Vermont
Williston, VT has 30 fix and flip lenders issuing loans in the city. The median amount for loans in the city is $333,438. Interest rates on private loans made to Williston investors average around 10.7%. The typical loan made in this city has a term of 29 months. The average points charged on the loans is 2.0%. The average loan-to-value (LTV) for loans in Williston is 73%.
Loan Example 1
Kent takes a private money loan from East Star Funding Corporation in order to remodel a property to resale in Williston, VT. The sales price of the house is $380,000. As the lender sets a 65% loan-to-value, Kent will need to put 35% down and the principle amount of the loan will be $247,000. The rate on the loan is 8% for a length of 6 months and the company requires a four point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be repaid after the sale of the property.
By the terms of the note, Kent will be required to pay a $9,880 origination fee in addition to 35% of the sales price, or $133,000, based on the 65% LTV. East Star Funding Corporation will collect $1,647 in monthly interest from the borrower. This is calculated by taking the full loan value of $247,000, multiplying by the 8% interest rate, and then dividing that number by 12. Kent's plan is to finish the remodel within the 6 months and sell it for $475,000. If he succeeds he will collect a profit of $75,240 ($475,000 sales price - $247,000 principle - $133,000 down payment - $9,880 origination fee - $9,880 in total interest payments.
Loan Example 2
Sean locates a house in Williston, VT to rehab and sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Flippers Funding Corporation with the following parameters:
$160,000 purchase price
70% loan-to-value (LTV)
18 month term
11% rate of interest
5% origination fee
Assuming a $232,000 sales price at the end of the 18 month term, the numbers for the deal would look like the following:
$232,000 sales price
- $112,000 loan principle (70% LTV)
- $48,000 cash paid at closing (30% on 70% LTV)
- $5,600 origination points (5% of the $112,000 principle amount)
- $18,480 interest payments (18 months x 11% interest)
-----------------------
= $47,920 total profit (does not include taxes or renovation 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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