Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
New Construction Loans in Essex Junction, Vermont
Essex Junction, VT has 18 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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