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New Construction Loans in Barnet, Vermont
Barnet, VT has 18 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
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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