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Hard Money Loans in Chester Depot, Vermont
There are 29 search results for private money lenders in Chester Depot, VT. The mean note amount in this city is $310,417. The mean interest rate for private loans in Chester Depot is 10.9%. The typical loan issued in this city has a term of 18 months. The average origination fee applied to the loans is 2.8%. Lenders offer on average a 70% loan-to-value (LTV) on hard money loans in Chester Depot.
Loan Example 1
Margret is a real estate investor in Chester Depot, VT. She locates a run-down property for sale and decides to renovate it and resell it for a profit. The house has a cost of $330,000 but she doesn't have the full amount so she takes out a private money loan with River View Investments. The terms of the loan include a 65% loan-to-value (LTV), so she must bring 35% of the price as cash at closing, which makes the principle loan amount $214,500. The loan also consists of these features: 1) a 18 month length, 2) a 13% interest only note, and 3) a three percent origination charge.
By the terms of the loan, Margret will be required to contribute a $6,435 origination fee in addition to 35% of the purchase price, or $115,500, based on the 65% LTV. River View Investments will collect $2,324 in monthly interest from the borrower. This is computed by taking the total loan value of $214,500, multiplying that by the 13% interest rate, and then dividing that number by 12. Assuming Margret sells the renovated project for $478,500 at the end of the 18 month term, her total profit (not including remodeling costs) would be $100,238. This is computed by taking the sales price ($478,500) and subtracting the original note amount ($214,500), the origination fee ($6,435), the money she brought to closing ($115,500), and the total interest payments ($41,828).
Loan Example 2
Oak Hill Finance makes a loan to Jim for a remodeling project in Chester Depot, VT. The loan includes the following:
$340,000 purchase price
85% loan to value (LTV)
6 month term
10% rate of interest
1% origination fee
Jim plans to list the property when the note expires for $408,000. If he succeeds, the final numbers would be as follows:
$408,000 sales price
- $289,000 loan principle (85% LTV)
- $51,000 down payment (15% on 85% LTV)
- $2,890 origination points (1% of the $289,000 principle amount)
- $14,450 interest payments (6 months x 10% interest)
-----------------------
= $50,660 total profit (doesn't include taxes or rehab costs)
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HardMoneyLoans.com is a national lender based in Beverly Hills, CA that can get your loan funded from $250k-$75M for all kinds of real estate projects. We specialize in hard money loans for all commercial and residential properties types, bridge loans, ...
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CMN Funding
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Stormfield Capital
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Dominion Financial
32 S Street
Baltimore, MD 21202
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Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75071
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T&M Commercial Funding
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Peak Choice Capital
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National Advance Group
1 Linden Place
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ABC Capital Investments
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Private Capital USA
3505 Veterans Memorial Highway, Suite D
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Wallace Capital
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