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 Fairfield, Vermont
Fairfield, VT has 29 hard money lenders offering loans in the city. The mean loan issued is around $335,715. Rates for loans average 10.2%. The mean note issued in the city has a length of 20 months. A typical loan made in this city carries a 2.9 point origination cost. Lenders offer on average a 71% loan to value on hard money loans in Fairfield.
Loan Example 1
Oscar takes a loan from Victory Lending Group in order to remodel a property to resale in Fairfield, VT. The sales price of the house is $280,000. As the lender agrees to a 85% loan to value, Oscar will need to put 15% down and the principle amount of the note will be $238,000. The loan also includes the following features: 1) a 6 month term, 2) a 9% interest-only note, and 3) a two point origination charge.
In accordance with the terms of the deal, Oscar will have to pay a $4,760 origination fee plus 15% of the sales price, or $42,000, based on the 85% LTV. The lender will collect $1,785 in monthly interest from the borrower. This is calculated by taking the full note value of $238,000, multiplying that by the 9% rate of interest, and then dividing that amount by 12. If Oscar accomplishes his goal of a $420,000 total sales price when the loan term expires, he would earn a gross profit of $124,530 after repaying the principle and subtracting the money he brought to closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Scott takes out a loan from J & T Lending Corporation so he can renovate a townhouse to re-sell in Fairfield, VT. The deal has the following parameters:
a) A $370,000 sales price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 3% origination fee.
Scott intends to sell the house at the end of the term for $462,500. If he accomplishes his goal, the final numbers will be the following:
$462,500 sales price
- $296,000 note principle (80% LTV)
- $74,000 cash paid at closing (20% on 80% LTV)
- $8,880 origination fee (3% of the $296,000 principle)
- $20,720 interest payments (6 months x 14% interest)
-----------------------
= $62,900 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!
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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