About IMC Money
IMC Money is a Carlsbad, CA based private money lender. They provide loans in California. Their focus is primarily on fix-and-flip hard money loans. They offer terms up to 13 months and loan amounts up to $2,500,000. They require their borrowers to have a minimum FICO rating of 680 to obtain a loan. They primarily offer funding on single family homes and multi family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: CA
Fix and Flip LoansLoan Amounts: Up to $2,500,000
Available Rates: N/A
Typical Terms: 13 months
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): 90%
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: 680
Time to Close: 7 - 10 Days
Loan Example 1
Celia is a house flipper in Los Angeles, CA. She discovers a run-down property for sale and decides to rehab it and sell it for a profit. The house costs $370,000 but she doesn't have the full amount so she takes a private money loan with IMC Money. As the lender agrees to a 65% loan to value, Celia will be required to put 35% down and the principle amount of the note will be $240,500. The deal also consists of these features: 1) a 12 month term, 2) a 12% interest only note, and 3) a three point origination charge.
In addition to paying the $7,215 origination fee, Celia will also fund $129,500 of the purchase with her own cash, or 35% of the purchase price. Once the deal closes, she will have to pay the lender $2,405 in monthly interest fees, or 12% times $240,500 divided by 12 months in a year. If Celia meets her goal of a $481,000 total sales price at the end of the loan term, she would collect a gross profit of $74,925 after re-paying the principle and subtracting the money she brought to closing, the origination points, and the monthly interest payments.
Loan Example 2
IMC Money issues a hard money loan to Elinor for a remodeling project in Los Angeles, CA. The deal dictates the following:
a) A $200,000 purchase price, b) a 50% loan-to-value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 5% origination fee.
Assuming a $280,000 sales price at the end of the 12 month term, the numbers for the deal would look like this:
$280,000 sales price
- $100,000 principle on note (50% LTV)
- $100,000 down payment (50% on 50% LTV)
- $5,000 origination points (5% of the $100,000 principle)
- $10,000 total interest paid (12 months x 10% interest)
= $65,000 gross profit (does not include taxes or rehab costs)
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