About All Purpose Lenders
All Purpose Lenders is a Hollywood, FL based private lender who offers loans in Hollywood. Their focus is mainly on hard money loans for commercial properties. Their loan guidelines are flexible, including loan amounts ranging from $1,000,000 to $100,000,000. They provide loans on many property types, including multi-family units, apartment buildings, office units, retail storefronts, hotels, storage facilities, mixed use spaces, industrial buildings, and undeveloped land.Visit Website
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Mixed Use, Industrial, Land
Areas Served: Hollywood
Lending Guidelines for All Purpose Lenders
Below are the general loan guidelines published on the All Purpose Lenders website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: $1,000,000 - $100,000,000
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by All Purpose Lenders.
Loan Example 1
All Purpose Lenders issues a hard money loan to Sidney for the acquisition of a new warehouse after he is turned down for a conventional mortgage loan by his local bank because he has a subpar credit rating. The price of the new building is $400,000 and the lender agrees to contribute 55% of the purchase price (the loan to value / "LTV"), or $220,000. The other $180,000 will need to be funded by the borrower when the loan is closed. The deal also dictates a 12 month length, a 8% rate of interest, interest-only payments paid each month with a final payment when the note expires (with no pre-payment penalty), and a 2 percent origination charge. Sidney will be required to pay an origination fee of $4,400 and he will then start making the interest payments of $1,467 ($220,000 principle x 8% interest / 12 months per year). He can pay off the note early if he chooses since there is not a pre-payment penalty but he will be responsible for paying off the full principle whenever he concludes the loan.
Loan Example 2
All Purpose Lenders issues a private money loan to Kirk for a rehab project in Hollywood, FL. The loan includes the following:
a) A $170,000 purchase price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 4% origination fee.
Kirk intends to sell the project when the note expires for $229,500. If he succeeds, the outcome would be the following:
$229,500 sales price
- $119,000 loan principle (70% LTV)
- $51,000 cash paid at closing (30% on 70% LTV)
- $4,760 origination fee (4% of the $119,000 principle amount)
- $5,950 interest payments (6 months x 10% interest)
= $48,790 gross profit (doesn't include taxes or rehab costs)