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New Construction Loans in Concord, Vermont
Concord, VT has 18 new construction lenders operating in the city. The mean amount loaned is $948,889. Interest rates for hard money loans average 11.5%. The typical loan made in the city has a length of 20 months. The average origination fee for the loans is 2.9 percent. Lenders typically offer a 71% loan to value on hard money loans in Concord.
Loan Example 1
Jonathan is a home builder and he decides to acquire a land plot in Concord, VT to construct a new single family home. In addition to the $300,000 price of the land, Jonathan expects he will have about $250,000 in construction costs to complete the house. To fund the project, he takes a new construction loan from P & J Finance Company. They contract to make a loan with a 13% rate of interest for 12 months and five origination points paid when the deal closes. They also agree to fund 80% of the total costs (the loan-to-value or "LTV"). There will be no pre-payment penalties on the note and construction costs will be paid out over several draws. According to this loan scenario, the lender will pay $440,000 of the purchase and construction costs. The borrower will pay $110,000 down, a $22,000 origination charge, and $4,767 monthly in note payments. Jonathan's plan is to sell the house for $680,000. If he succeeds, he will pocket a gross profit of $50,800 after subtracting all costs ($440,000 principle, $110,000 cash down, $22,000 origination charges and $57,200 for 12 months of payments).
Loan Example 2
Lora wants to acquire a land plot in Concord, VT and construct a home and re-sell it for a profit. To fund the deal, she obtains a construction loan from All American Finance with these parameters:
- $250,000 sales price for the plot
- $250,000 in construction costs
- 80% loan to value (LTV)
- 12 month length
- 11% interest rate
- 4% origination fee
Lora plans to list the property when the note expires for $650,000. If she achieves her goal, the deal numbers will be as follows:
$650,000 sales price
- $400,000 principle (80% LTV)
- $100,000 down payment (20% on 80% LTV)
- $16,000 origination points (4% of the $400,000 principle)
- $44,000 total interest paid (12 months x 11% interest)
-----------------------
= $90,000 total profit
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!
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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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Harbor Private Equity
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Global Integrity Finance
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Center Street Lending
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500 West 2nd Suite 1900
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Sunset Equity Funding
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Peak Choice Capital
601 Silver Creek Drive
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Flip N Fast Loans
4445 Corporation Ln Suite 264
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New Silver
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REI Capital
5660 Strand Court
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Lend Some Money
42 Thompson Street, Suite 1A
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Primeau Funding
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Edward Voccola & Co
75 Arlington Street, Suite 500
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11 Capital Finance
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Green Knight Funding
600 Loring Avenue, Suite 5
Salem, MA 01907
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