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 Barnet, Vermont
Barnet, VT has 17 new construction lenders operating in the city. The mean note issued to borrowers is about $513,637. The mean rate for loans in Barnet is 9.8%. 18 months is the mean length for loans made in the city. The mean note includes a 5.6 point origination charge. The typical loan-to-value (LTV) for loans in Barnet is 72%.
Loan Example 1
Monica is a real estate investor and she decides to buy a vacant lot in Barnet, VT in order to construct a tri-plex. On top of the $390,000 price of the plot, Monica estimates she will need around $200,000 in building expenses to complete the project. In order to pay for the project, she takes a construction loan from West Shore Investment Group. They agree to issue a loan with a 10% rate of interest for 18 months and 5 origination points paid at the closing. They also agree to fund 50% of the total expenses (the loan-to-value / "LTV"). There will be no pre-payment penalties on the deal and building expenses will be paid out in a few draws. The borrower will have to pay $2,458 monthly in loan payments on top of $295,000 down, plus a $14,750 origination charge at the closing. After subtracting all expenses, Monica will pocket a $51,000 gross profit if she succeeds in his goal of a $700,000 sales price.
Loan Example 2
Ken is a builder in Barnet, VT. He wants to purchase a land lot and build a new single family home. In order to fund the deal, he applies for a new construction loan from Evergreen Investment Group with the following stipulations:
- $360,000 sales price for the lot
- $250,000 in building costs
- 80% loan-to-value (LTV)
- 18 month length
- 13% interest rate
- 5% origination fee
Ken wants to list the project when the note expires for $820,000. If he achieves his goal, the deal numbers will be as follows:
$820,000 sales price
- $488,000 principle (80% LTV)
- $122,000 cash paid at closing (20% on 80% LTV)
- $24,400 origination fee (5% of the $488,000 principle)
- $95,160 interest payments (18 months x 13% interest)
-----------------------
= $90,440 gross profit
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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Atlanta, GA 30309
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321 N Central Expressway, Suite 360
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500 West 2nd Suite 1900
Austin, TX 78701
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