Bloomfield Capital

About Bloomfield Capital

Bloomfield Capital is a Birmingham, MI based private money lender. They provide funding all throughout the country. They provide loans for many different scenarios, including hard money bridge loans, private commercial loans, and private refinancing. Their loan parameters are versatile, including loan amounts ranging from $2,000,000 to $20,000,000 with a maximum LTV of 90%, terms between 24 months and 60 months, and rates ranging between 9% and 11%. They make loans on all of the following property types: multi-family units, apartment buildings, office units, retail spaces, mixed use spaces, and hotels and motels.

Loan Types Offered: Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Multi Family, Apartment, Office, Retail, Mixed Use, Hotel

Areas Served: National

Lending Guidelines for Bloomfield Capital

Below are the general loan guidelines published on the Bloomfield Capital 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 Bloomfield Capital.

Loan Example 1

To facilitate his business, Fred must buy a new building. After he is denied a commercial mortgage from his local bank, he obtains a commercial hard money loan from Bloomfield Capital. The lender agrees to a 50% loan-to-value (LTV) on the sale and the property is listed for $240,000, so they will loan $120,000 and Fred will be responsible for the other $120,000. The lender also requires the following terms of the transaction: 1) a 10% interest rate, 2) a 18 month length with interest only payments to be made each month, 3) an origination fee of 2 points paid by the borrower when the deal closes, and 4) no pre-payment penalty. By the parameters of the loan, Fred will be required to pay an origination charge of $2,400 at the closing (2% x $120,000 principle value) and will then begin making payments of $1,000 monthly ($120,000 principle value x 10% interest / 12 months in a year). Finally, he will make a final payment of the $120,000 principle value when the loan expires, or sooner if he decides.

Loan Example 2

Bloomfield Capital issues a private money bridge loan to Mike for a renovation project in Washington DC, DC. The loan includes the following:

a) A $210,000 sales price, b) a 65% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 2% origination fee.

If Mike accomplishes his goal of a $273,000 sales price, the outcome of the project would be the following:

$273,000 sales price
- $136,500 principle (65% LTV)
- $73,500 cash paid at closing (35% on 65% LTV)
- $2,730 origination points (2% of the $136,500 principle amount)
- $24,570 interest payments (18 months x 12% interest)
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= $35,700 total profit (does not include taxes or rehab costs)

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