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New Construction Loans in Essex Junction, Vermont
Essex Junction, VT has 19 new construction lenders operating within the city. In this city, the average note amount is $385,000. Interest rates on private loans made to Essex Junction investors average around 10.4%. 19 months is the average term for notes issued in this city. A typical loan issued in the city includes a 3.1 point origination charge. The mean loan-to-value (LTV) for loans in Essex Junction is 70%.
Loan Example 1
Jose is an investor and decides to build a single family home on a lot in Essex Junction, VT. The lot is available for $230,000 and Jose expects the building costs for the house will be around $200,000. North Shore Finance will fund the project at a 60% loan to value (LTV) with a 8%, 6 month new construction loan with five origination points to be paid at the closing. They will not enforce a pre-payment penalty and they will issue the building costs in three draws. According to this loan scenario, Jose will need to contribute the following: 1) $172,000 cash down (by the 60% LTV), 2) a $12,900 origination fee ($258,000 principle x 5%), and 3) $1,720 monthly interest payments. After subtracting all costs, Jose will make a $76,780 gross profit if he succeeds in his goal of a $530,000 sales price.
Loan Example 2
Melba is a home builder in Essex Junction, VT. She wants to buy a land plot to build a new single family home. To fund the deal, she takes a new construction loan from Number One Investment Corporation with the following specifications:
- $220,000 purchase price for the vacant plot
- $400,000 in construction costs
- 80% loan-to-value (LTV)
- 18 month length
- 11% interest rate
- 3% origination charge
If Melba achieves her goal of a $800,000 sale, the final numbers of the project will be the following:
$800,000 sales price
- $496,000 principle on note (80% LTV)
- $124,000 cash paid at closing (20% on 80% LTV)
- $14,880 origination points (3% of the $496,000 principle amount)
- $81,840 total interest paid (18 months x 11% interest)
-----------------------
= $83,280 net profit
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