About Evergreen Funding
Based in Miami, FL, Evergreen Funding is a private lender providing funding throughout Florida. Their lending focus is primarily on private commercial loans. They issue loan amounts starting from $25,000 with a maximum LTV of 60%. Their loan parameters do not include a minimum FICO score. They offer loans on various property types, including multi family, apartments, office units, retail units, hotels, storage buildings, senior communities, mixed use spaces, warehouse spaces, industrial buildings, and medical offices.
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical
Areas Served: FL
Lending Guidelines for Evergreen Funding
Below are the general loan guidelines published on the Evergreen Funding website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: $25,000 and up
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): 60%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Evergreen Funding.
Loan Example 1
Marion runs a business in Miami, FL and needs to acquire a new office space to run his operations. Since he can't get a standard loan from a bank, he looks to Evergreen Funding for a commercial private money loan. The lender agrees to a 55% loan-to-value (LTV) on the sale and the new property costs $310,000, so they will contribute $170,500 and Marion will be responsible for the remaining $139,500. The parameters of the loan include a 12 month term, a 13% rate of interest, and a 1 origination fee to be paid by the borrower at the closing. In accordance with the terms of the deal, Marion will have to pay an origination fee of $1,705 when the deal is closed. He will also start making payments of $1,847 / month throughout the duration of the note and will pay off the principle amount at the end of the 12 month term. Should he decide to repay the note early, he can do so without any additional cost since there isn't a pre-payment penalty attached to the loan.
Loan Example 2
Adrienne is a real estate investor in Miami, FL. She locates a run-down house for a rehab project and takes a hard money loan from Evergreen Funding with the following features:
a) A $290,000 sales price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 3% origination fee.
If Adrienne accomplishes her goal of a $377,000 sales price, the final numbers of the project will be the following:
$377,000 sales price
- $188,500 loan principle (65% LTV)
- $101,500 cash paid at closing (35% on 65% LTV)
- $5,655 origination points (3% of the $188,500 principle)
- $16,965 interest payments (12 months x 9% interest)
= $64,380 gross profit (does not include taxes or renovation costs)
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