Stormfield Capital is a Southport, CT based private money lender. They provide funding in 12 states throughout the country. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, cash ...
Hard Money Loans in Burlington, Vermont
There are 26 hard money lenders offering loans in Burlington, VT. The average note made is around $292,500. Interest rates on loans issued to Burlington investors average 10.2%. The typical loan issued in the city has a length of 19 months. The mean note includes a 2.3 percent origination fee. Lenders in Burlington average a 68% loan to value on their deals.
Loan Example 1
Jami finds a townhome in Burlington, VT to flip and re-sell. Since she does not have enough cash to acquire the $270,000 property outright, she takes out a hard money loan from Blue Door Funding . Since the lender sets a 55% loan-to-value, Jami will be required to put 45% down and the amount of the loan will be $148,500. The loan is interest only, with monthly payments, and is for 18 months at 14% interest with 5 points to be paid at closing.
Accordingly, the borrower will be required to contribute a $121,500 down payment plus pay a $7,425 origination fee. The monthly interest only payments will then total $1,733 to Blue Door Funding . If she sells the rehabed house for $324,000 at the end of the 18 month term, her gross profit (not including rehab expenses) would be $15,390. This is calculated by taking the sales price ($324,000) and subtracting the original note amount ($148,500), the origination fee ($7,425), the cash she contributed to closing ($121,500), and the total interest payments ($31,185).
Loan Example 2
Lily locates a duplex in Burlington, VT to renovate and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Riverside Investment Corporation with the following parameters:
a) A $390,000 purchase price, b) a 75% loan to value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 1% origination fee.
Assuming a $507,000 sales price after the 12 month term, the outcome for this project would look like this:
$507,000 sales price
- $292,500 loan principle (75% LTV)
- $97,500 down payment (25% on 75% LTV)
- $2,925 origination points (1% of the $292,500 principle amount)
- $26,325 total interest paid (12 months x 9% interest)
-----------------------
= $87,750 total profit (doesn't include taxes or rehab costs)
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