About Emerald Dolphin Enterprises
Emerald Dolphin Enterprises is a Haltom City, TX based hard money lender. They offer loans throughout Dallas and Fort Worth. Their focus is mainly on fix-and-flip loans. Their lending guidelines are versatile, including loans with a maximum LTV of 75% and terms up to 12 months. They will consider different loan scenarios but primarily focus on single family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family
Areas Served: Dallas, Fort Worth
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: Up to 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 3 - 5 Days
Loan Example 1
Emerald Dolphin Enterprises issues a fix-and-flip loan to Lorrie for a rehab project in Dallas, TX, on a house that costs $380,000. The terms of the note include a 75% loan-to-value (LTV), so she must bring 25% of the price as cash at closing, which makes the principle note amount $285,000. The parameters of the loan dictate a 14% note for 12 months. They also stipulate a 4 point origination fee, that will also need to be paid upon closing.
Lorrie will have to bring a total of $32,400 up front to pay the $95,000 down payment in addition to the $11,400 origination fee. The monthly interest-only payments will then be $3,325 to the lender. If Lorrie sells the project for $456,000 after 12 months, she would then earn a gross profit of $24,700 after deducting the original principle of $285,000, the money paid at the close of $95,000, the origination fee of $11,400, and the total interest payments of $39,900. This amount does not include remodeling costs.
Loan Example 2
Jody takes out a loan from Emerald Dolphin Enterprises so she can rehab a townhouse to flip in Dallas, TX. The loan has the following terms:
a) A $370,000 sales price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 4% origination fee.
Assuming a $481,000 sales price at the end of the 6 month term, the outcome for the project would look like this:
$481,000 sales price
- $240,500 principle (65% LTV)
- $129,500 down payment (35% on 65% LTV)
- $9,620 origination points (4% of the $240,500 principle amount)
- $10,823 interest payments (6 months x 9% interest)
= $90,558 gross profit (does not include taxes or rehab costs)
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