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 Williston, Vermont
We found 17 records for new construction lenders in Williston, VT. The median amount for loans is $540,556. The median interest rate for loans in Williston is 9.5%. 24 months is the median length for loans issued in the city. The average loan includes a 2.3 percent origination charge. Lenders typically offer a 72% loan to value (LTV) on loans in Williston.
Loan Example 1
Frankie is an investor who decides to construct a tri-plex on a vacant lot in Williston, VT. The construction costs will be around $150,000 and the lot will cost $320,000. In order to pay for the transaction, she takes a new construction loan from Allstar Lending Group. They contract to provide a note with a 9% rate of interest for 18 months and 2 origination points paid at closing. They also agree to contribute 80% of the total expenses (the loan-to-value or "LTV"). They agree not to charge a pre-payment penalty and they will fund the construction expenses in several draws. The borrower will be required to pay $2,820 per month in interest payments in addition to $94,000 down, plus a $7,520 origination charge at closing. Frankie's plan is to sell the new house for $650,000. If she achieves this, she will pocket a gross profit of $121,720 after subtracting all costs ($376,000 principle amount, $94,000 cash down, $7,520 origination charges and $50,760 for 18 months of payments).
Loan Example 2
Jamie is an investor and he decides to purchase a land plot in Williston, VT and construct a house. In order to pay for the transaction, he takes a new construction loan from Coastal Funding Group with the following terms:
a) A $220,000 sales price for the plot, b) $350,000 in building costs, c) an 80% loan-to-value (LTV), d) a 18 month term, e) a 13% rate of interest, and f) a 4% origination fee.
If Jamie succeeds in his goal of a $740,000 sale, the final numbers of the project would be the following:
$740,000 sales price
- $456,000 note principle (80% LTV)
- $114,000 down payment (20% on 80% LTV)
- $18,240 origination points (4% of the $456,000 principle amount)
- $88,920 total interest paid (18 months x 13% interest)
-----------------------
= $62,840 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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