About Mortgage Consulting LLC
Based in Yorktown, VA, Mortgage Consulting LLC is a private hard money lender providing funding in Virginia Beach, Norfolk, Portsmouth, Chesapeake, Newport News, Hampton, Yorktown and Williamsburg. They offer lending for fix-and-flip properties. Their loan parameters offer a maximum LTV of 75% of the ARV and terms up to 6 months. They provide 100% financing and are a true no document hard money lender. They lend on SFD properties, with a minimum ARV of 125K and a maximum of 225K.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family
Areas Served: Virginia Beach, Norfolk, Chesapeake, Newport News, Hampton, Yorktown, Williamsburg, Portsmouth
Lending Guidelines for Mortgage Consulting LLC
Below are the general loan guidelines published on the Mortgage Consulting LLC 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): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 2 - 3 Weeks
The following loans are for education purposes only. They do not represent actual loans executed by Mortgage Consulting LLC.
Loan Example 1
Eduardo closes on a $290,000 renovation project in Virginia Beach, VA, using a fix and flip loan from Mortgage Consutling LLC. The lender agrees to issue a note with a 70% loan to value (LTV) so they will loan $203,000 on the house. The terms of the deal also stipulate a two percent origination fee that is to be paid at closing and a 18 month, interest only note with a 14% interest rate.
On top of the $4,060 origination fee, Eduardo will also need to fund $87,000 of the purchase with his own money, or 30% of the sales price. Mortgage Consutling LLC will collect $2,368 in monthly interest payments from the Eduardo . This is calculated by taking the total loan value of $203,000, multiplying that by the 14% interest rate, and then dividing that amount by 12. Eduardo 's plan is to complete the project within the 18 months and re-sell it for $348,000. If he succeeds he will earn a total profit of $11,310 ($348,000 price - $203,000 principle amount - $87,000 down payment - $4,060 origination fee - $42,630 in total interest payments.
Loan Example 2
Lucy takes a fix and flip loan from Mortgage Consutling LLC in order to renovate a townhouse to resell in Virginia Beach, VA. The deal has the following terms:
a) A $220,000 purchase price, b) a 75% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 3% origination fee.
Based on a $264,000 sales price after the 6 month term, the numbers for this project would look like this:
$264,000 sales price
- $165,000 loan principle (75% LTV)
- $55,000 cash paid at closing (25% on 75% LTV)
- $4,950 origination fee (3% of the $165,000 principle amount)
- $10,725 total interest paid (6 months x 13% interest)
= $28,325 total profit (doesn't include taxes or rehab costs)
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