About Hendrie Grant
Hendrie Grant is private lender headquartered in Minneapolis, MN. They provide funding in Minneapolis and St Paul. Their focus is mainly on fix and flip hard money loans. Their loan parameters are versatile, including terms up to 6 months. They do not require a minimum FICO rating to receive a loan. They will consider varying loan requests but primarily focus on single family homes and multi-family units.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Minneapolis, St Paul
Lending Guidelines for Hendrie Grant
Below are the general loan guidelines published on the Hendrie Grant website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: 6 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: NO
Minimum FICO Score: NO
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Hendrie Grant.
Loan Example 1
Hendrie Grant makes a fix-and-flip loan to Lena for a rehab project in Minneapolis, MN, on a house that is listed for $320,000. The loan to value (LTV) on the loan is 80%. This means that Lena will have to bring 20% of the sales price to the closing and the principle amount will be $256,000 on the deal. The note is interest only, with monthly payments, and is for 18 months at 14% interest with 4 points to be paid at closing.
Lena will need to bring $64,000 at the closing (20% on the 80% loan-to-value), plus she will have to pay the $10,240 origination fee. Once the loan closes, she will have to pay Hendrie Grant $2,987 in monthly interest payments, or 14% multiplied times $256,000 divided by 12 months in the year. If Lena sells the project for $400,000 after 18 months, she would realize a gross profit of $16,000 after subtracting the principle amount of $256,000, the money paid at the close of $64,000, the origination fee of $10,240, and the total interest payments of $53,760. This gross profit does not include remodeling costs.
Loan Example 2
Hendrie Grant makes a private money loan to Stanley for a rehab project in Minneapolis, MN. The deal includes the following:
$360,000 purchase price
80% loan-to-value (LTV)
12 month term
14% rate of interest
4% origination fee
Stanley plans to sell the property at the end of the term for $468,000. If he succeeds, the deal numbers would be the following:
$468,000 sales price
- $288,000 note principle (80% LTV)
- $72,000 down payment (20% on 80% LTV)
- $11,520 origination fee (4% of the $288,000 principle)
- $40,320 interest payments (12 months x 14% interest)
= $56,160 gross profit (doesn't include taxes or renovation costs)
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