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
Lending Guidelines for IMC Money
Below are the general loan guidelines published on the IMC Money website. Please confirm all terms and rates directly with the lender.
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
The following loans are for education purposes only. They do not represent actual loans executed by IMC Money.
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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