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
Licenses: Residential Mortgage Loan Originator License #303601, Terry Weakley Residential Mortgage Loan Originator License #198294, Taylor Weakley Residential Mortgage Loan Originator License #1378441
Lending Guidelines for Emerald Dolphin Enterprises
Below are the general loan guidelines published on the Emerald Dolphin Enterprises website. Please confirm all terms and rates directly with the lender.
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
The following loans are for education purposes only. They do not represent actual loans executed by Emerald Dolphin Enterprises.
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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