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 Milton, Vermont
Milton, VT has 17 construction private money lenders operating within the city. The mean note issued to borrowers is around $411,111. Rates for hard money loans average around 10.3%. The typical note issued in the city is for 28 months. A typical hard money loan offered in the city carries a 2.5 point origination fee. Lenders in Milton average a 73% loan to value on their deals.
Loan Example 1
Kent is an investor who wants to buy a land plot in Milton, VT in order to build a single family home. The building costs will be approximately $250,000 and the plot will cost $380,000. East Star Funding Corporation makes a 50% loan to value (LTV) new construction loan to Kent in order to complete the deal. They also agree to a 8% rate of interest for 18 months in addition to a three point origination fee. Kent is to receive the building expenses in draws and there won't be a pre-payment penalty if he pays off the note early. By the terms of the note, Kent will be required to pay $315,000 plus $9,450 in origination costs at closing, then will begin making $2,100 per month payments. Kent's plan is to sell the project for $810,000. If he succeeds, he will pocket a gross profit of $132,750 after deducting all expenses ($315,000 principle, $315,000 cash down, $9,450 origination fee and $37,800 for 18 months of interest payments).
Loan Example 2
Tia wants to buy a vacant lot in Milton, VT to construct a single family home to re-sell it. Since she does not have the money to fund 100% of the purchase, she takes out a construction private money loan from North End Investment Group with the following specifications:
a) A $400,000 sales price for the vacant plot, b) $250,000 in construction costs, c) an 65% loan to value (LTV), d) a 6 month length, e) a 11% rate of interest, and f) a 3% origination fee.
Tia wants to sell the house when the note expires for $780,000. If she achieves her goal, the project numbers will be the following:
$780,000 sales price
- $422,500 note principle (65% LTV)
- $227,500 down payment (35% on 65% LTV)
- $12,675 origination points (3% of the $422,500 principle)
- $23,238 total interest paid (6 months x 11% interest)
-----------------------
= $94,088 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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