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!
Hard Money Loans in Essex, Vermont
Essex, VT has 29 lenders serving the city. In this city, the average note amount is $315,000. Rates for hard money loans average around 10.7%. The mean length offered for loans is 21 months. The average loan made in this city carries a 3.2 percent origination cost. Lenders in Essex average a 70% loan-to-value (LTV) on their loans.
Loan Example 1
Investors Lending Company issues a private money loan to Dora for a remodeling project in Essex, VT, on a house that costs $300,000. The lender agrees to make a note with a 55% loan-to-value (LTV) so they are willing to loan $165,000 on the project. The loan also has the following features: 1) a 18 month length, 2) a 13% interest only note, and 3) a four point origination charge.
Dora must contribute a total of $32,400 upon closing to pay the $135,000 down payment plus the $6,600 origination fee. After the loan is closed and Dora takes the property, she will need to begin making payments each month of $1,788 to the lender ($165,000 principle x 13% / 12 months). At the expiration of the note, she sells the rehabed house for $375,000. After subtracting the $32,175 in interest expenses ($1,788 multiplied by 18 months), the $6,600 origination fee, the $165,000 principle amount on the note, and the $135,000 she contributed to closing, she will earn a gross profit of $36,225 ($375,000 sales price minus $338,775 in total costs). This profit would then be reduced by any rehab costs paid by Dora.
Loan Example 2
Peter locates a townhouse in Essex, VT to rehab and resell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from Axis Investment Group with the following parameters:
$360,000 sales price
60% loan to value (LTV)
6 month term
8% rate of interest
1% origination fee
Peter plans to list the property at the end of the term for $468,000. If he accomplishes his goal, the final numbers would be the following:
$468,000 sales price
- $216,000 principle on note (60% LTV)
- $144,000 down payment (40% on 60% LTV)
- $2,160 origination fee (1% of the $216,000 principle amount)
- $8,640 total interest paid (6 months x 8% interest)
-----------------------
= $97,200 gross 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!
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