About First Pro Capital Inc
First Pro Capital Inc is a hard money lender based in West Palm Beach, FL providing funding in Broward County, Miami-Dade County, and Palm Beach County. Their lending focus is primarily on commercial hard money loans. Their lending parameters are flexible, including loan amounts starting from $250,000 with a maximum LTV of 65% and terms between 18 months and 2 years. Their loan guidelines include a minimum credit score of 550. They will make loans on all the following property types: multi family, apartment buildings, office units, retail storefronts, hotels and motels, storage buildings, senior facilities, mixed use buildings, warehouse buildings, 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: Broward County, Miami-Dade County, Palm Beach County
Lending Guidelines for First Pro Capital Inc
Below are the general loan guidelines published on the First Pro Capital Inc website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: $250,000 and up
Available Rates: N/A
Typical Terms: 18 months - 24 months
Points Charged: N/A
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: 550
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by First Pro Capital Inc.
Loan Example 1
Leslie runs a small business in Miami, FL and needs to acquire a new building for his operations. Because he cannot secure a commercial mortgage from a bank, he looks to First Pro Capital Inc for a commercial hard money loan. The cost of the property is $160,000 and the lending company agrees to contribute 55% of the cost (the loan-to-value / "LTV"), or $88,000. The remaining $72,000 will need to be funded by the borrower when the transaction closes. The deal also includes a 6 month length, a 14% interest rate, interest only payments made monthly with a final payment when the note expires (without a pre-payment penalty), and a 3 point origination charge. Leslie may eliminate the note at any time if he pays back the $88,000 of principle, however, he will be required to make $1,027 monthly interest payments ($88,000 principle amount x 14% interest / 12 months) in the meantime, or until the loan expires. Because there is no pre-payment penalty, the only other cost he will have to pay is the $2,640 origination fee which he will contribute at the closing.
Loan Example 2
Rachel takes a loan from First Pro Capital Inc so she can renovate a townhouse to flip in Miami, FL. The deal has the following terms:
a) A $380,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 1% origination fee.
Once the renovation project is finished, if Rachel sells the property for $494,000, the numbers would be as follows:
$494,000 sales price
- $247,000 note principle (65% LTV)
- $133,000 down payment (35% on 65% LTV)
- $2,470 origination fee (1% of the $247,000 principle)
- $27,170 interest payments (12 months x 11% interest)
= $84,360 total profit (does not include taxes or rehab costs)
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