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 Highgate Center, Vermont
Highgate Center, VT has 29 lenders operating within the city. In this city, the median loan amount is $303,750. The median rate for private loans in Highgate Center is 10.1%. The median loan issued in the city has a length of 19 months. The average note includes a 3.3 point origination fee. Lenders in Highgate Center average a 70% loan to value on their loans.
Loan Example 1
Mabel takes a loan from Reliance Investment Corporation in order to rehab a condo to flip in Highgate Center, VT. The price of the house is $200,000. The terms of the deal include a 50% loan to value (LTV), so she must contribute 50% of the price as cash at closing, which makes the principle loan amount $100,000. The interest rate on the note is 14% for a term of 12 months and the company requires a five point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle will be paid back after the sale of the property.
Mabel will have to contribute $100,000 at closing (50% on the 50% loan to value), plus she will need to pay the $5,000 origination fee. The lender will collect $1,167 in monthly interest payments from the borrower. This is calculated by taking the full note amount of $100,000, multiplying by the 14% interest rate, and then dividing that number by 12. At the expiration of the loan, she sells the rehabed house for $280,000. After subtracting the $14,000 in interest expenses ($1,167 multiplied by 12 months), the $5,000 origination fee, the $100,000 principle on the loan, and the $100,000 she contributed to the closing, she will make a gross profit of $61,000 ($280,000 price minus $219,000 in costs). This profit would then be reduced by any building costs paid out of pocket.
Loan Example 2
Red View Lending Group issues a private money loan to Rosetta for a remodeling project in Highgate Center, VT. The loan includes the following:
a) A $340,000 sales price, b) a 65% loan-to-value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 3% origination fee.
Based on a $510,000 sales price at the end of the 18 month term, the outcome for this deal would look like this:
$510,000 sales price
- $221,000 principle on note (65% LTV)
- $119,000 down payment (35% on 65% LTV)
- $6,630 origination fee (3% of the $221,000 principle)
- $29,835 interest payments (18 months x 9% interest)
-----------------------
= $133,535 gross profit (does not 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
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Patch Lending
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T&M Commercial Funding
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Sunset Equity Funding
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National Advance Group
1 Linden Place
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Green Knight Funding
600 Loring Avenue, Suite 5
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