About Geneva Financial
Geneva Financial is a Santa Maria, CA based private money lender offering loans in Santa Maria. Their focus is mainly on buy and hold loans. They will consider different loan requests but mainly focus on single family, multi family residences, and apartment buildings.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family, Apartment
Areas Served: Santa Maria
Licenses: LIC: CA-DBO603G564, NMLS: 42056
Lending Guidelines for Geneva Financial
Below are the general loan guidelines published on the Geneva Financial website. Please confirm all terms and rates directly with the lender.
Investment Property LoansLoan Amounts: N/A
Available Rates: N/A
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: N/A
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 Geneva Financial.
Loan Example 1
Catalina closes on a $390,000 renovation project in Santa Maria, CA, using a hard money loan from Geneva Financial. The terms of the deal include a 60% loan to value (LTV), so she must bring 40% of the price as cash to closing, which makes the principle loan amount $234,000. The loan also has the following features: 1) a 18 month length, 2) a 14% interest-only note, and 3) a two point origination fee.
Catalina will have to bring $156,000 to the closing (40% on the 60% loan-to-value), plus she will have to pay the $4,680 origination fee. she must then pay $2,730 monthly to the lender. At the expiration of the loan, she sells the rehabed house for $565,500. After deducting the $49,140 in interest payments ($2,730 times 18 months), the $4,680 origination fee, the $234,000 principle on the loan, and the $156,000 she contributed to the closing, she will earn a gross profit of $121,680 ($565,500 price minus $443,820 in costs). This profit would be reduced by any renovation costs paid by the borrow.
Loan Example 2
Geneva Financial issues a hard money loan to Danny for a rehab project in Santa Maria, CA. The loan dictates the following:
$240,000 sales price
75% loan-to-value (LTV)
12 month term
12% rate of interest
5% origination fee
After the rehab project is complete, if Danny sells the house for $300,000, the final numbers would be the following:
$300,000 sales price
- $180,000 principle on note (75% LTV)
- $60,000 down payment (25% on 75% LTV)
- $9,000 origination fee (5% of the $180,000 principle amount)
- $21,600 interest payments (12 months x 12% interest)
= $29,400 gross profit (does not include taxes or rehab costs)
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