About Oregon Land Mortgage
Oregon Land Mortgage is a Roseburg, OR based hard money lender offering loans in Oregon. Their lending focus is primarily on short term fix and flip loans. Their lending parameters are flexible, including loans with a maximum LTV of 50%. Their loan guidelines do not require a minimum FICO score. They will consider varying loan scenarios but mainly focus on single family, multi family residences, and raw land.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family, Land
Areas Served: OR
Licenses: ML #4645, NMLS #274481
Lending Guidelines for Oregon Land Mortgage
Below are the general loan guidelines published on the Oregon Land Mortgage website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): 50%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Oregon Land Mortgage.
Loan Example 1
Jordan is a house flipper in Portland, OR. She locates a run-down property and wants to renovate it and sell it for a profit. The property has a cost of $400,000 but she doesn't have the full amount so she obtains a fix and flip loan with Oregon Land Mortgage. The loan-to-value (LTV) on the loan is 65%. This means that Jordan will bring 35% of the purchase price to closing and the principle will be $260,000 on the note. The note is interest-only, with monthly payments, and is for 12 months at 10% interest with 5 origination points to be paid at closing.
In accordance with the terms of the note, Jordan will need to contribute a $13,000 origination fee plus 35% of the purchase price, or $140,000, based on the 65% LTV. Once the loan closes, she will have to pay the lender $2,167 in monthly interest payments, or 10% multiplied by $260,000 divided by 12 months in a year. If Jordan sells the rehabed house for $520,000 at the end of the 12 month term, her gross profit (not accounting for remodeling expenses) would be $81,000. This is computed by taking the sales price ($520,000) and subtracting the principle ($260,000), the origination cost ($13,000), the cash she contributed to closing ($140,000), and the total interest expenses ($26,000).
Loan Example 2
Steven takes out a loan from Oregon Land Mortgage in order to renovate a townhome to resell in Portland, OR. The deal has the following terms:
$270,000 purchase price
65% loan to value (LTV)
12 month term
14% rate of interest
2% origination fee
After the renovation project is complete, if Steven sells the project for $378,000, the final numbers would be the following:
$378,000 sales price
- $175,500 loan principle (65% LTV)
- $94,500 cash paid at closing (35% on 65% LTV)
- $3,510 origination points (2% of the $175,500 principle)
- $24,570 interest payments (12 months x 14% interest)
= $79,920 total profit (doesn't include taxes or rehab costs)
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