Legacy Park Mortgage

About Legacy Park Mortgage

Legacy Park Mortgage is a hard money lender based in Miami, FL providing loans all throughout the US. They provide loans for a variety of situations and needs, including private refinancing and buy and hold loans. The focus of their loans is on single family residences and multi-family.

Loan Types Offered: Investment Property Loans, Refinance / Cash Out Loans

Property Types Covered: Single Family, Multi Family

Areas Served: National

Licenses: NMLS ID 1526006

Lending Guidelines for Legacy Park Mortgage

Below are the general loan guidelines published on the Legacy Park Mortgage website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Legacy Park Mortgage.

Loan Example 1

Marcus finds a house in Sacramento, CA to remodel and re-sell. Since he doesn't have enough cash available to purchase the $180,000 house outright, he takes out a hard money loan from Legacy Park Mortgage. The terms of the note include a 50% loan-to-value (LTV), so he must contribute 50% of the price as cash to closing, which makes the principle loan amount $90,000. The parameters of the deal dictate a 13% note for 6 months. They also require a 3 point origination fee, that will also have to be paid at closing.

Marcus will need to bring a total of $32,400 upon closing to cover the $90,000 down payment plus the $2,700 origination fee. Once the deal is executed and Marcus takes over the project, he will need to begin making monthly payments of $975 to the lender ($90,000 principle x 13% / 12 months). If Marcus sells the property for $216,000 after 6 months, he would earn a total profit of $27,450 after subtracting the principle of $90,000, the money contributed at closing of $90,000, the origination points of $2,700, and the aggregate interest payments of $5,850. This gross profit doesn't account for building costs.

Loan Example 2

Dianna takes a private money loan from Legacy Park Mortgage so she can renovate a house to flip in Vancouver, WA. The loan has the following parameters:

$150,000 sales price
75% loan-to-value (LTV)
6 month term
14% rate of interest
3% origination fee

Dianna intends to list the property at the end of the term for $225,000. If she achieves this goal, the final numbers will be the following:

$225,000 sales price
- $112,500 loan principle (75% LTV)
- $37,500 down payment (25% on 75% LTV)
- $3,375 origination points (3% of the $112,500 principle amount)
- $7,875 total interest paid (6 months x 14% interest)
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= $63,750 gross profit (does not include taxes or renovation costs)

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