CMN Funding

About CMN Funding

Headquartered in Albany, NY, CMN Funding is a hard money lender providing loans all across the US. Their lending focus is primarily on private commercial loans. They issue loan amounts starting at $2,000,000. They do not require a minimum FICO score to receive a loan. They will make loans on all of the following types of properties: multi-family units, apartment buildings, office buildings, retail storefronts, hotels/motels, storage facilities, assisted living facilities, mixed use spaces, warehouse spaces, industrial facilities, medical offices, and undeveloped land.

Loan Types Offered: Commercial Hard Money Loans

Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land

Areas Served: National

Loan Example 1

To facilitate his small business, Corey decides to acquire a new building. After being turned down for conventional mortgage loan from his credit union, he secures a commercial hard money loan from CMN Funding. The list price of the property is $220,000 and the lender agrees to fund 70% of the purchase price (the loan-to-value / "LTV"), or $154,000. The remaining $66,000 will have to be paid by the borrower when the transaction closes. The terms of the note include a 18 month term, a 10% interest rate, and 4 origination points paid by Corey when the transaction closes. Corey will be required to pay an origination fee of $6,160 and he will then start to make the monthly payments in the amount of $1,283 ($154,000 principle amount x 10% interest rate / 12 months per year). He may pay back the note whenever he wants to because there isn't a pre-payment penalty but he is responsible for paying off the full principle whenever he concludes the loan.

Loan Example 2

Jon is a real estate investor in Chicago, IL. He finds a run-down townhouse for a rehab project and takes a hard money loan from CMN Funding with the following features:

$170,000 sales price
85% loan to value (LTV)
6 month term
9% rate of interest
1% origination fee

If Jon accomplishes his goal of a $221,000 sales price, the final numbers of the project will be as follows:

$221,000 sales price
- $144,500 note principle (85% LTV)
- $25,500 cash paid at closing (15% on 85% LTV)
- $1,445 origination fee (1% of the $144,500 principle)
- $6,503 total interest paid (6 months x 9% interest)
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= $43,053 gross profit (does not include taxes or renovation costs)