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 Moretown, Vermont
Moretown, VT has 29 private money lenders offering loans within the city. Loan amounts average around $295,938. Interest rates for hard money loans average around 11.1%. The average loan issued in this city is 18 months in length. The mean note includes a 2.3 point origination fee. Lenders in Moretown average a 71% loan to value (LTV) on their deals.
Loan Example 1
Hugh takes a private money loan from Big Money Funding Corporation in order to remodel a property to flip in Moretown, VT. The sales price of the house is $380,000. Since the lender agrees to a 70% loan to value, Hugh will be required to put 30% down and the principle amount of the note will be $266,000. The note is interest-only, with monthly payments, and is for 18 months at 10% interest with 1 points paid when the deal closes.
Accordingly, the borrower will be required to make a $114,000 down payment in addition to paying a $2,660 origination fee. Once the deal is executed and Hugh takes the property, he will begin making monthly payments of $2,217 to the lender ($266,000 principle x 10% / 12 months). If Hugh sells the remodeled house for $570,000 at the end of the 18 month term, his gross profit (not including renovation costs) would be $147,440. This is computed by taking the purchase price ($570,000) and subtracting the original principle ($266,000), the origination cost ($2,660), the cash he brought to closing ($114,000), and the total interest expenses ($39,900).
Loan Example 2
Gerald finds a property in Moretown, VT to renovate and resell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from Riverside Finance Corporation with the following parameters:
$230,000 purchase price
70% loan-to-value (LTV)
6 month term
12% rate of interest
2% origination fee
Based on a $287,500 sales price after the 6 month term, the final numbers for the project would look like the following:
$287,500 sales price
- $161,000 loan principle (70% LTV)
- $69,000 cash paid at closing (30% on 70% LTV)
- $3,220 origination fee (2% of the $161,000 principle)
- $9,660 total interest paid (6 months x 12% interest)
-----------------------
= $44,620 total profit (doesn't 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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