Foley Mortgage

About Foley Mortgage

Foley Mortgage is private money lender based in San Jose, CA. They provide loans in San Francisco, Oakland, and San Jose. They offer hard money loans for commercial properties, hard money bridge loans, long term rental property loans, private refinancing, and fix and flip loans. Their lending guidelines are flexible, including terms between 6 months and 60 months and loan amounts ranging from $50,000 to $1,250,000 with a maximum LTV of 70%. Their loan guidelines do not require a minimum credit rating. They will make loans on numerous property types, including single family residences, multi-family, apartment buildings, offices, retail storefronts, hotels, storage buildings, assisted living facilities, mixed use spaces, warehouse buildings, industrial buildings, medical offices, undeveloped land, and churches.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land, Church

Areas Served: San Francisco, Oakland, San Jose

Licenses: California Bureau of Real Estate 00824971, NMLS 240664

Lending Guidelines for Foley Mortgage

Below are the general loan guidelines published on the Foley Mortgage website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Foley Mortgage.

Loan Example 1

Tamika closes on a $400,000 renovation project in San Francisco, CA, using a hard money loan from Foley Mortgage. The terms of the note include a 75% loan to value (LTV), so she must contribute 25% of the price as cash at closing, making the principle note amount $300,000. The terms of the note also include a five point origination fee which will be paid at closing and a 12 month, interest-only note with a 11% rate of interest.

Tamika will have to contribute $100,000 at closing (25% on the 75% loan to value), plus she will have to pay the $15,000 origination fee. Once the loan closes, she will have to pay the lender $2,750 in monthly interest fees, or 11% multiplied by $300,000 divided by 12 months in the year. Tamika's intention is to finish the remodel within the 12 months and re-sell it for $500,000. If she succeeds she will make a total profit of $52,000 ($500,000 sales price - $300,000 principle - $100,000 cash at closing - $15,000 origination fee - $33,000 in total interest.

Loan Example 2

Foley Mortgage issues a private money loan to Tom for a rehab project in San Francisco, CA. The loan dictates the following:

a) A $400,000 sales price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 3% origination fee.

Tom intends to sell the property when the note expires for $480,000. If he achieves this goal, the outcome will be as follows:

$480,000 sales price
- $260,000 loan principle (65% LTV)
- $140,000 cash paid at closing (35% on 65% LTV)
- $7,800 origination points (3% of the $260,000 principle amount)
- $10,400 total interest paid (6 months x 8% interest)
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= $61,800 total profit (doesn't include taxes or rehab costs)