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 Burlington, Vermont
Burlington, VT has 18 new construction hard money lenders issuing loans in the city. The average amount for loans is $1,065,625. Interest rates on loans made to Burlington investors average 11.8%. The median loan made in this city is for 20 months. The average origination for loans is 3.2 percent. 74% is the median loan to value offered for for loans in Burlington.
Loan Example 1
Angelia is an investor who wants to build a home on a land plot in Burlington, VT. The construction costs will be about $350,000 and the plot will cost $230,000. She takes a new construction loan from Riverside Lending with these terms: 1) a 6 month note at 14% interest, 2) interest-only payments made every month, 3) 5 origination points at closing by the borrower, and 4) a 65% loan-to-value (LTV) on both the land and the construction expenses. Angelia will receive the construction expenses in draws and there won't be a pre-payment penalty if she pays off the note before the 6 months is over. The borrower will have to pay $4,398 per month in interest payments in addition to $203,000 down, plus a $18,850 origination fee at closing. After deducting all expenses, Angelia will pocket a $214,760 total profit if she succeeds in his goal of a $840,000 sales price.
Loan Example 2
Manuel is a builder in Burlington, VT. He wants to purchase a land plot to build a new tri-plex. Because he doesn't have enough cash to pay for 100% of the purchase, he applies for a new construction private money loan from Red Oak Funding with these terms:
- $190,000 purchase price for the vacant plot
- $200,000 in building expenses
- 80% loan to value (LTV)
- 6 month term
- 14% rate of interest
- 3% origination fee
After the project is complete, if Manuel sells the property for $460,000, the final numbers would be the following:
$460,000 sales price
- $312,000 note principle (80% LTV)
- $78,000 cash paid at closing (20% on 80% LTV)
- $9,360 origination points (3% of the $312,000 principle amount)
- $21,840 total interest paid (6 months x 14% interest)
-----------------------
= $38,800 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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Harbor Private Equity
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Tusker Capital
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