About Genesis Lending Group
Genesis Lending Group is a Cape Coral, FL based private lender. They provide loans throughout the following areas: Sarasota, Port Charlotte, Punta Gorda, Fort Myers, Cape Coral, Lehigh Acres, Bonita Springs, Estero, and Naples. Their lending focus is primarily on buy and hold loans. Their loan guidelines are flexible, including loans with a maximum LTV of 60%. The focus of their loans is for single family and multi family residences.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Sarasota, Port Charlotte, Punta Gorda, Fort Myers, Cape Coral, Lehigh Acres, Bonita Springs, Estero, Naples
Investment Property LoansLoan Amounts: N/A
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: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
Loan Example 1
Lorena finds a house in Sarasota, FL to rehab and sell. Since she does not have enough cash available to purchase the $400,000 property outright, she takes out a private money loan from Genesis Lending Group. The terms of the note include a 50% loan-to-value (LTV), so she must contribute 50% of the price as cash to closing, making the principle loan amount $200,000. The parameters of the loan also stipulate a three point origination fee that is to be paid at the closing and a 18 month, interest-only note with a 14% interest rate.
According to the terms of the note, Lorena will have to contribute a $6,000 origination fee in addition to 50% of the sales price, or $200,000, based on the 50% LTV. Genesis Lending Group will collect $2,333 in monthly interest payments from the Lorena . This is calculated by taking the total note amount of $200,000, multiplying that by the 14% interest rate, and then dividing that number by 12. At the expiration of the loan, she sells the rehabed house for $520,000. After deducting the $42,000 in total interest payments ($2,333 times 18 months), the $6,000 origination fee, the $200,000 principle amount on the loan, and the $200,000 she contributed to the closing, she will make a gross profit of $72,000 ($520,000 sales price minus $448,000 in costs). This profit would be reduced by any rehab costs paid out of pocket.
Loan Example 2
Clarence is a an investor in Sarasota, FL. He finds an older townhouse for a rehab project and takes a hard money loan from Genesis Lending Group with the following terms:
a) A $150,000 purchase price, b) a 80% loan-to-value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 1% origination fee.
Once the rehab project is finished, if Clarence sells the property for $202,500, the outcome would be the following:
$202,500 sales price
- $120,000 loan principle (80% LTV)
- $30,000 down payment (20% on 80% LTV)
- $1,200 origination points (1% of the $120,000 principle)
- $23,400 total interest paid (18 months x 13% interest)
= $27,900 total profit (doesn't include taxes or renovation costs)
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