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 Castleton, Vermont
Castleton, VT has 18 construction hard money lenders offering loans within the city. Note amounts average around $435,000. Interest rates on hard money loans made to Castleton borrowers average around 10.9%. The typical length offered for loans is 21 months. The average loan includes a 3.0 point origination cost. The typical LTV offered for loans in Castleton is 69%.
Loan Example 1
Curtis is a builder who wants to purchase a land plot in Castleton, VT to build a house. In addition to the $350,000 price of the lot, Curtis expects he will require around $150,000 in construction expenses to build the home. Ocean View Funding Company will fund the transaction at a 50% loan to value (LTV) with a 14%, 12 month construction loan with four origination points paid when the transaction closes. They will not enforce a pre-payment penalty and they will issue the construction expenses in several draws. The borrower will have to pay $2,917 monthly in loan payments on top of $250,000 down, plus a $10,000 origination charge at the closing. If Curtis then sells the property for $700,000 he will earn a total profit of $155,000 after paying pack the principle and deducting the origination expense and cumulative interest.
Loan Example 2
Iris is a home builder and decides to construct a duplex on a land lot in Castleton, VT. Since she doesn't have enough cash to pay for the full deal, she takes out a new construction private money loan from Dimension Funding Group with the following specifications:
- $390,000 purchase price for the vacant plot
- $400,000 in construction costs
- 50% loan to value (LTV)
- 18 month length
- 10% interest rate
- 4% origination fee
After the construction is complete, if Iris lists the house for $980,000, the final numbers will be as follows:
$980,000 sales price
- $395,000 note principle (50% LTV)
- $395,000 down payment (50% on 50% LTV)
- $15,800 origination points (4% of the $395,000 principle amount)
- $59,250 interest payments (18 months x 10% interest)
-----------------------
= $114,950 net profit
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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Harbor Private Equity
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Kings of Capital
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