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 Cavendish, Vermont
Cavendish, VT has 29 lenders issuing loans in the city. The mean note made to borrowers is about $291,786. The mean rate for private loans in Cavendish is 10.4%. The typical length for notes is 20 months. The average loan issued in this city includes a 3.0 percent origination charge. Lenders in Cavendish average a 68% loan-to-value (LTV) on their loans.
Loan Example 1
Jordan closes on a $200,000 renovation project in Cavendish, VT, using a private money loan from Big Money Finance. The loan-to-value (LTV) on the note is 75%. This means that Jordan will bring 25% of the purchase price to closing and the principle amount will be $150,000 on the loan. The terms of the loan also include a two point origination fee which will be paid at closing and a 12 month, interest only note with a 8% rate of interest.
Jordan will have to contribute $50,000 to the closing (25% on the 75% loan-to-value), plus he will need to pay the $3,000 origination fee. After the loan is executed and Jordan takes the project, he will have to begin making payments each month of $1,000 to the lender ($150,000 principle x 8% / 12 months). If he sells the remodeled project for $280,000 at the end of the 12 month term, his gross profit (not including rehab costs) would be $65,000. This is computed by taking the purchase price ($280,000) and subtracting the original note amount ($150,000), the origination cost ($3,000), the money he brought to closing ($50,000), and the total interest payments ($12,000).
Loan Example 2
Sheri locates a townhouse in Cavendish, VT to rehab and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from East Shore Finance Corporation with the following parameters:
$180,000 sales price
70% loan to value (LTV)
6 month term
14% interest rate
2% origination fee
Assuming a $243,000 sales price at the end of the 6 month term, the final numbers for this deal would look like the following:
$243,000 sales price
- $126,000 loan principle (70% LTV)
- $54,000 down payment (30% on 70% LTV)
- $2,520 origination fee (2% of the $126,000 principle)
- $8,820 interest payments (6 months x 14% interest)
-----------------------
= $51,660 gross profit (does not include taxes or rehab 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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Dominion Financial
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Global Integrity Finance
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