About Legal Green Lending
Legal Green Lending is a private lender in Millbrae, CA offering loans in California. Their lending focus is primarily on buy and hold loans. Their loan parameters do not require a minimum FICO score. The focus of their loans is on single family units and multi family.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: CA
Lending Guidelines for Legal Green Lending
Below are the general loan guidelines published on the Legal Green Lending 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: YES
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: 10 Days
The following loans are for education purposes only. They do not represent actual loans executed by Legal Green Lending.
Loan Example 1
Vanessa takes a loan from Legal Green Lending in order to remodel a townhouse to resale in Los Angeles, CA. The list price of the house is $350,000. The borrower will need to contribute 25% of the sales price in cash to the closing based on a 75% loan-to-value stipulated by the lender. This makes the loan principle from Legal Green Lending $262,500. The terms of the loan dictate a 10% note for 18 months. They also require a 4 point origination fee, which will also have to be paid upon closing.
Therefore, Vanessa will be required to contribute a $87,500 down payment in addition to paying a $10,500 origination fee. she will then pay $2,188 monthly to Legal Green Lending. If Vanessa sells the house for $437,500 after 18 months, she would then make a total profit of $37,625 after subtracting the principle of $262,500, the cash contributed at closing of $87,500, the origination points of $10,500, and the total interest payments of $39,375. This profit doesn't account for rehab costs.
Loan Example 2
Willie finds a townhouse in Los Angeles, CA to rehab and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Legal Green Lending with the following parameters:
$280,000 purchase price
60% loan-to-value (LTV)
18 month term
11% interest rate
4% origination fee
Willie intends to list the property at the end of the term for $378,000. If she succeeds, the final numbers would be as follows:
$378,000 sales price
- $168,000 principle (60% LTV)
- $112,000 cash paid at closing (40% on 60% LTV)
- $6,720 origination points (4% of the $168,000 principle amount)
- $27,720 total interest paid (18 months x 11% interest)
= $63,560 total profit (doesn't include taxes or renovation costs)
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