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!
New Construction Loans in Rutland, Vermont
Rutland, VT has 19 construction hard money lenders operating within the city. In this city, the mean note amount is $525,250. Interest rates for hard money loans average around 10.7%. 19 months is the mean term for loans issued in the city. The average loan includes a 2.9 percent origination charge. Lenders in Rutland average a 72% loan to value (LTV) on their deals.
Loan Example 1
Anne is a home builder and she wants to build a home on a land plot in Rutland, VT. On top of the $300,000 cost of the lot, Anne expects she will need about $350,000 in construction costs to build the project. She applies for a construction loan from Prosperity Finance Group with these stipulations: 1) a 12 month note at 10% interest, 2) interest only payments made monthly, 3) 2 origination points paid at the closing by the borrower, and 4) a 80% loan-to-value (LTV) on both the land and the construction costs. They will not enforce a pre-payment penalty and they will fund the construction costs in multiple draws. Given this deal scenario, Anne will need to pay the following: 1) $130,000 cash down (based on the 80% LTV), 2) a $10,400 origination fee ($520,000 loan principle x 2%), and 3) $4,333 monthly payments. When the loan expires, Anne sells the project for $840,000. This will make Anne a $127,600 net profit after paying off all costs of the deal ($520,000 principle amount, $130,000 cash down, $10,400 origination fee, and $52,000 for 12 months of payment).
Loan Example 2
Harold is a real estate investor in Rutland, VT. He wants to acquire a land plot and construct a new home. In order to fund the project, he applies for a construction loan from All State Finance Company with the following parameters:
a) A $360,000 purchase price for the land lot, b) $400,000 in construction expenses, c) an 65% loan to value (LTV), d) a 12 month length, e) a 8% rate of interest, and f) a 2% origination charge.
If Harold succeeds in his goal of a $1,140,000 sales price, the final numbers of the project will be as follows:
$1,140,000 sales price
- $494,000 loan principle (65% LTV)
- $266,000 cash paid at closing (35% on 65% LTV)
- $9,880 origination fee (2% of the $494,000 principle)
- $39,520 total interest paid (12 months x 8% interest)
-----------------------
= $330,600 total profit
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Sunset Equity Funding
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REI Capital
5660 Strand Court
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600 Loring Avenue, Suite 5
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