3 J Bar-K

About 3 J Bar-K

3 J Bar-K is a hard money lender headquartered in Jacksonville, FL offering funding throughout the United States. They provide ground up construction loans, cash out loans, short term loans, fix and flip hard money loans, private commercial loans, and buy and hold loans. Their lending guidelines are flexible, including loan amounts ranging from $75,000 to $2,000,000 with a maximum LTV of 70%, rates ranging between 6.5% and 10.5%, and terms between 36 months and 96 months. They will lend money to any borrower based on the value of the property but also require a minimum FICO rating of 650. They provide loans on various property types, including single family, multi family, office buildings, retail spaces, industrial facilities, and mixed use.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Office, Retail, Industrial, Mixed Use

Areas Served: National

Lending Guidelines for 3 J Bar-K

Below are the general loan guidelines published on the 3 J Bar-K 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 3 J Bar-K.

Loan Example 1

Angel is a house flipper in Nashville, TN. He discovers an older property for sale and decides to renovate it and flip it for a profit. The property costs $290,000 but he does not have the full amount so he takes a fix-and-flip loan with 3 J Bar-K. The lender agrees to write a loan with a 80% loan to value (LTV) so they are willing to extend $232,000 on the project. The loan also includes these features: 1) a 6 month term, 2) a 9% interest only note, and 3) a four point origination fee.

The borrower must bring a total of $32,400 upon closing to cover the $58,000 down payment plus the $9,280 origination fee. After the loan closes, he will have to pay 3 J Bar-K $1,740 in monthly interest fees, or 9% multiplied by $232,000 divided by 12 months in the year. If he sells the renovated house for $362,500 at the end of the 6 month term, his gross profit (not accounting for renovation expenses) would be $52,780. This is calculated by taking the sales price ($362,500) and subtracting the original principle ($232,000), the origination cost ($9,280), the funds he brought to closing ($58,000), and the total interest payments ($10,440).

Loan Example 2

Shannon locates a townhouse in Houston, TX to remodel and re-sell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from 3 J Bar-K with the following parameters:

$150,000 sales price
60% loan to value (LTV)
12 month term
8% rate of interest
1% origination fee

Shannon plans to sell the project at the end of the term for $217,500. If she succeeds, the outcome will be the following:

$217,500 sales price
- $90,000 principle on note (60% LTV)
- $60,000 cash paid at closing (40% on 60% LTV)
- $900 origination fee (1% of the $90,000 principle amount)
- $7,200 interest payments (12 months x 8% interest)
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= $59,400 gross profit (does not include taxes or renovation costs)

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