About AICS Lending Services
AICS Lending Services is private lender based in North Richland Hills, TX. They offer funding in Dallas and Fort Worth. Their lending focus is mainly on fix-and-flip hard money loans. Their loan guidelines are versatile, including terms up to 1 year and loans with a maximum LTV of 75%. The focus of their lending is on single family units and multi family residences.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Dallas, Fort Worth
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: Up to 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 3 - 5 Days
Loan Example 1
Mia takes a hard money loan from AICS Lending Services in order to renovate a duplex to resale in Dallas, TX. The sales price of the house is $380,000. The borrower will need to fund 35% of the sales price in cash to the closing based on a 65% loan to value set by the lender. This makes the loan principle from AICS Lending Services $247,000. The note is interest only, with monthly payments, and is for 6 months at 14% interest with 5 origination points to be paid at closing.
Accordingly, the borrower will have to make a $133,000 down payment in addition to paying a $12,350 origination fee. The lender will collect $2,882 in monthly interest payments from the Mia . This is computed by taking the total note amount of $247,000, multiplying by the 14% rate of interest, and then dividing that amount by 12. If Mia meets her goal of a $551,000 total sales price when the loan expires, she would collect a gross profit of $141,360 after re-paying the principle on the note and deducting the cash she brought to closing, the origination points, and the monthly interest payments.
Loan Example 2
Kent locates a duplex in Dallas, TX to rehab and resell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from AICS Lending Services with the following parameters:
a) A $240,000 sales price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 5% origination fee.
If Kent accomplishes his goal of a $360,000 sales price, the outcome of the project will be the following:
$360,000 sales price
- $192,000 principle (80% LTV)
- $48,000 cash paid at closing (20% on 80% LTV)
- $9,600 origination points (5% of the $192,000 principle)
- $13,440 total interest paid (6 months x 14% interest)
= $96,960 total profit (doesn't include taxes or rehab costs)
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