About Finance One Asset Management
Finance One Asset Management is a Calabasas, CA based hard money lender who offers loans all throughout the United States. Their lending focus is mainly on short term fix and flip loans. They offer rates starting at 6% . The focus of their lending is on single family homes.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family
Areas Served: National
Lending Guidelines for Finance One Asset Management
Below are the general loan guidelines published on the Finance One Asset Management website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: 6% and up
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: YES
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 Finance One Asset Management.
Loan Example 1
Trudy finds a townhouse in San Bernardino, CA to rehab and re-sell. Since she doesn't have enough cash available to purchase the $280,000 house outright, she decides to take out a fix-and-flip loan from Finance One Asset Management. The loan-to-value (LTV) on the note is 55%. This means Trudy will need to bring 45% of the sales price to the closing and the principle will be $154,000 on the note. The terms of the note also stipulate a four point origination fee that will be paid at the closing and a 6 month, interest-only note with a 10% interest rate.
Therefore, the borrower will have to contribute a $126,000 down payment in addition to paying a $6,160 origination fee. The monthly interest-only payments will then total $1,283 to the lender. If Trudy sells the renovated house for $378,000 at the end of the 6 month term, her total profit (not accounting for remodeling costs) would be $84,140. This is calculated by taking the sales price ($378,000) and subtracting the original note amount ($154,000), the origination fee ($6,160), the cash she brought to closing ($126,000), and the total interest expenses ($7,700).
Loan Example 2
Finance One Asset Management issues a loan to May for a renovation project in Atlanta, GA. The deal dictates the following:
a) A $400,000 sales price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 4% origination fee.
May plans to list the project when the note expires for $600,000. If she achieves this goal, the outcome would be as follows:
$600,000 sales price
- $320,000 principle (80% LTV)
- $80,000 cash paid at closing (20% on 80% LTV)
- $12,800 origination fee (4% of the $320,000 principle amount)
- $14,400 interest payments (6 months x 9% interest)
= $172,800 gross profit (doesn't include taxes or rehab costs)
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