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 St Albans, Vermont
Saint Albans, VT has 18 new construction lenders offering loans within the city. The median amount loaned is $420,000. Rates on loans made to Saint Albans borrowers average about 10.2%. The median term for notes is 22 months. The mean origination percentage applied to loans is 2.8%. Lenders in Saint Albans average a 71% loan to value (LTV) on their deals.
Loan Example 1
Tommy is a builder in Saint Albans, VT. He wants to purchase a lot and construct a new single family home. The construction costs will be around $150,000 and the plot costs $150,000. He obtains a construction loan from River City Finance with these parameters: 1) a 18 month note at 13% interest, 2) interest only payments made every month, 3) 5 origination points at closing by the borrower, and 4) a 75% loan-to-value (LTV) on the lot and the construction costs. There will be no pre-payment penalties on the loan and construction costs will be paid in a few draws. By this loan scenario, Tommy will need to contribute the following: 1) $75,000 down (by the 75% LTV), 2) a $11,250 origination fee ($225,000 loan principle x 5%), and 3) $2,438 monthly interest payments. After deducting all costs, Tommy will pocket a $34,875 total profit if he succeeds in his goal of a $390,000 sales price.
Loan Example 2
Sonya is a home builder and she decides to acquire a home lot in Saint Albans, VT in order to construct a tri-plex. She obtains a new construction loan from Dimension Funding Company with the following specifications:
- $210,000 sales price for the vacant plot
- $150,000 in building expenses
- 85% loan to value (LTV)
- 18 month term
- 14% rate of interest
- 2% origination charge
Sonya plans to list the house at the end of the term for $500,000. If she achieves her goal, the final numbers will be as follows:
$500,000 sales price
- $306,000 principle on note (85% LTV)
- $54,000 cash paid at closing (15% on 85% LTV)
- $6,120 origination points (2% of the $306,000 principle)
- $64,260 total interest paid (18 months x 14% interest)
-----------------------
= $69,620 gross 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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