1st Coastal Commercial Capital

About 1st Coastal Commercial Capital

1st Coastal Commercial Capital is a Pasadena, MD based private lender offering loans all across the United States. Their focus is mainly on private commercial loans. They offer loan amounts ranging from $75,000 to $5,000,000 with a maximum LTV of 75%, terms up to 30 years, and rates starting at 6.75% . They require their borrowers to have a minimum FICO score of 650 to receive a loan. They make loans on most property types, including multi-family units, apartment buildings, office buildings, retail units, hotels, storage buildings, senior housing facilities, mixed use, warehouse buildings, industrial facilities, medical offices, undeveloped land, and churches.

Loan Types Offered: Commercial Hard Money Loans

Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land, Church

Areas Served: National

Lending Guidelines for 1st Coastal Commercial Capital

Below are the general loan guidelines published on the 1st Coastal Commercial Capital website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by 1st Coastal Commercial Capital.

Loan Example 1

Marjorie runs a small business in Lubbock, TX and needs to buy a new warehouse to run her operations. Because she is unable to obtain a standard loan from a bank, she turns to 1st Coastal Commercial Capital for a commercial private money loan. The lender agrees to a 70% loan-to-value (LTV) on the deal and the property costs $290,000, so they will fund $203,000 and Marjorie will bring the remaining $87,000. Additionally, the lender requires a 5 point origination fee in combination with the 14%, 18 month term on the loan. They agree to not enforce a pre-payment penalty in the event that Marjorie pays off the note before it expires. By the rules of the deal, Marjorie will have to pay an origination charge of $10,150 at the close (5% x $203,000 principle value) and will then make payments of $2,368 monthly ($203,000 principle value x 14% interest / 12 months in a year). she will also make a balloon payment of the $203,000 principle value when the loan expires, or before if she chooses to pay off early.

Loan Example 2

Virginia finds a house in Knoxville, TN to remodel and sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from 1st Coastal Commercial Capital with the following parameters:

$240,000 sales price
65% loan to value (LTV)
18 month term
9% interest rate
3% origination fee

Virginia intends to sell the property at the end of the term for $348,000. If she achieves this goal, the final numbers will be the following:

$348,000 sales price
- $156,000 loan principle (65% LTV)
- $84,000 cash paid at closing (35% on 65% LTV)
- $4,680 origination fee (3% of the $156,000 principle amount)
- $21,060 total interest paid (18 months x 9% interest)
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= $82,260 total profit (doesn't include taxes or rehab costs)

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