About BD Nationwide Mortgage
Based in Encinitas, CA, BD Nationwide Mortgage is a private money lender offering funding throughout California. Their lending focus is primarily on fix-and-flip hard money loans. They issue loan amounts up to $1,500,000. They will consider varying loan requests but primarily focus on single family units and multi family residences.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: CA
Fix and Flip LoansLoan Amounts: Up to $1,500,000
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
Loan Example 1
Aida takes a fix-and-flip loan from BD Nationwide Mortgage in order to remodel a duplex to resale in Los Angeles, CA. The sales price of the property is $390,000. The loan to value (LTV) on the deal is 50%. This means Aida will have to bring 50% of the purchase price to closing and the principle will be $195,000 on the deal. The loan is interest-only, paid monthly, and is for 6 months at 11% interest with 4 origination points paid at the closing.
In accordance with the terms of the deal, Aida will need to contribute a $7,800 origination fee in addition to 50% of the purchase price, or $195,000, since there is a 50% LTV. Once the loan is executed and Aida takes the project, she will have to begin making monthly payments of $1,788 to BD Nationwide Mortgage ($195,000 principle x 11% / 12 months). If Aida sells the rehabed house for $546,000 at the end of the 6 month term, her gross profit (not accounting for rehab costs) would be $137,475. This is computed by taking the sales price ($546,000) and subtracting the original principle ($195,000), the origination cost ($7,800), the cash she brought to closing ($195,000), and the total interest expenses ($10,725).
Loan Example 2
Ada locates a property in Los Angeles, CA to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from BD Nationwide Mortgage with the following parameters:
a) A $230,000 purchase price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
Ada intends to list the project when the note expires for $310,500. If she succeeds, the final numbers would be as follows:
$310,500 sales price
- $115,000 principle (50% LTV)
- $115,000 down payment (50% on 50% LTV)
- $4,600 origination fee (4% of the $115,000 principle amount)
- $24,150 total interest paid (18 months x 14% interest)
= $51,750 total profit (doesn't include taxes or renovation costs)
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