About Associates Home Loan of Florida
Associates Home Loan of Florida is an asset-based lender based in Tampa, FL providing funding in Florida. Their focus is primarily on fix and flip hard money loans. They will consider varying loan requests but mainly focus on single family residences and multi-family units.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: FL
Fix and Flip LoansLoan Amounts: N/A
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: 3 - 14 Days
Loan Example 1
Associates Home Loan of Florida makes a fix-and-flip loan to Staci for a renovation project in Miami, FL, on a house that is listed for $370,000. The lender agrees to write a loan with a 60% loan to value (LTV) so they will loan $222,000 on the project. The loan is interest-only, paid monthly, and is for 18 months at 11% interest with 5 origination points to be paid at closing.
The borrower will have to fund a total of $32,400 upon closing to cover the $148,000 down payment in addition to the $11,100 origination fee. she will then pay $2,035 monthly to Associates Home Loan of Florida. If Staci accomplishes her goal of a $481,000 total sales price at the end of the loan term, she would collect a gross profit of $63,270 after re-paying the principle and deducting the cash she contributed at closing, the origination points, and the total monthly interest payments.
Loan Example 2
Associates Home Loan of Florida issues a hard money loan to Brandon for a remodeling project in Miami, FL. The deal includes the following:
a) A $340,000 sales price, b) a 50% loan to value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 5% origination fee.
Brandon plans to list the property at the end of the term for $493,000. If he achieves this goal, the deal numbers will be as follows:
$493,000 sales price
- $170,000 note principle (50% LTV)
- $170,000 down payment (50% on 50% LTV)
- $8,500 origination points (5% of the $170,000 principle)
- $20,400 interest payments (18 months x 8% interest)
= $124,100 gross profit (does not include taxes or renovation costs)
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