About Brazington Mortgage
Brazington Mortgage is a Spokane Valley, WA based private money lender offering loans in Spokane. Their focus is mainly on buy and hold loans. They will consider varying lending scenarios but generally focus on single family residences and multi-family.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Spokane
Lending Guidelines for Brazington Mortgage
Below are the general loan guidelines published on the Brazington Mortgage website. Please confirm all terms and rates directly with the lender.
Investment Property 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: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Brazington Mortgage.
Loan Example 1
Bettie closes on a $290,000 rehab project in Spokane, WA, using a private money loan from Brazington Mortgage. The borrower will need to contribute 40% of the sales price in cash to closing based on a 60% loan-to-value stipulated by the lender. This makes the loan principle from Brazington Mortgage $174,000. The interest rate on the loan is 10% for a length of 18 months and the company requires a three point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be paid back after the property sells.
In accordance with the parameters of the loan, Bettie will be required to pay a $5,220 origination fee in addition to 40% of the sales price, or $116,000, based on the 60% LTV. Brazington Mortgage will collect $1,450 in monthly interest from the borrower. This is calculated by taking the total loan amount of $174,000, multiplying that by the 10% rate of interest, and then dividing that number by 12. If Bettie achieves her goal of a $435,000 sales price when the loan expires, she would earn a total profit of $113,680 after repaying the principle amount and deducting the money she brought to closing, the origination fee, and the monthly interest payments.
Loan Example 2
Brazington Mortgage issues a loan to Everett for a rehab project in Spokane, WA. The deal includes the following:
$250,000 purchase price
50% loan to value (LTV)
18 month term
11% rate of interest
1% origination fee
Once the renovation project is complete, if Everett sells the project for $325,000, the final numbers would be as follows:
$325,000 sales price
- $125,000 principle (50% LTV)
- $125,000 cash paid at closing (50% on 50% LTV)
- $1,250 origination fee (1% of the $125,000 principle amount)
- $20,625 total interest paid (18 months x 11% interest)
= $53,125 total profit (doesn't include taxes or renovation costs)
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