About Florida Mortgage Solutions Group
Florida Mortgage Solutions Group is a Weston, FL based private money lender. They provide loans throughout South Florida. Their focus is primarily on long term rental property loans. Their lending guidelines are flexible, including terms up to 3 years. They will consider different loan requests but usually focus on single family and multi-family.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: South Florida
Investment Property LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: 36 months
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
Loan Example 1
Fern closes on a $240,000 renovation project in Belle Glade, FL, using a hard money loan from Florida Mortgage Solutions Group. The lender agrees to issue a note with a 70% loan-to-value (LTV) so they will extend $168,000 on the project. The terms of the note also stipulate a three point origination fee that will be paid at the closing and a 6 month, interest-only note with a 9% rate of interest.
Fern will need to fund a total of $32,400 upon closing to pay the $72,000 down payment in addition to the $5,040 origination fee. The monthly interest-only payments will then total $1,260 to the lender. At the expiration of the note, she sells the rehabed house for $348,000. After subtracting the $7,560 in interest payments ($1,260 multiplied by 6 months), the $5,040 origination fee, the $168,000 principle on the note, and the $72,000 she contributed to the closing, she will earn a gross profit of $95,400 ($348,000 price minus $252,600 in costs). This amount would then be reduced by any renovation costs paid out of pocket.
Loan Example 2
Ashlee locates a townhouse in Belle Glade, FL to remodel and resell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Florida Mortgage Solutions Group with the following parameters:
a) A $180,000 purchase price, b) a 50% loan to value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 3% origination fee.
If Ashlee accomplishes her goal of a $270,000 sales price, the outcome of the project would be the following:
$270,000 sales price
- $90,000 loan principle (50% LTV)
- $90,000 down payment (50% on 50% LTV)
- $2,700 origination points (3% of the $90,000 principle amount)
- $5,400 total interest paid (6 months x 12% interest)
= $81,900 gross profit (doesn't include taxes or rehab costs)
by Blanca Q. 01/06/2017
I never thought we would be able to own our home. Thank you for a very smooth process and for all your kindness and proffesionalism. Tony Mendez and...
Read more on Yelp!I never thought we would be able to own our home. Thank you for a very smooth process and for all your kindness and proffesionalism. Tony Mendez and...
Read more on Yelp!