Pacifica First National

About Pacifica First National

Pacifica First National is an Inglewood, CA based private lender offering loans in California. They provide loans for a variety of scenarios, including commercial loans and fix-and-flip hard money loans. Their lending parameters are flexible, including loans with a maximum LTV of 70%, rates starting at 9.95% , and terms between 6 months and 18 months. The focus of their lending is on single family, multi-family units, and apartment buildings.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans

Property Types Covered: Single Family, Multi Family, Apartment

Areas Served: CA

Lending Guidelines for Pacifica First National

Below are the general loan guidelines published on the Pacifica First National 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 Pacifica First National.

Loan Example 1

Lee finds a townhouse in Los Angeles, CA to renovate and re-sell. Since he doesn't have enough cash on-hand to purchase the $190,000 house outright, he decides to take out a fix-and-flip loan from Pacifica First National. Because the lender sets a 70% loan to value, Lee will have to put 30% down so the total amount of the note will be $133,000. The interest rate on the note is 13% for a term of 6 months and the lender requires a four point origination fee at the closing. The interest is to be paid on a monthly basis and the principle will be paid back after the property sells.

Lee must fund a total of $32,400 upon closing to pay the $57,000 down payment plus the $5,320 origination fee. After the deal is closed and Lee takes the project, he will need to begin making monthly payments of $1,441 to the lender ($133,000 principle x 13% / 12 months). If he sells the renovated project for $275,500 at the end of the 6 month term, his total profit (not including remodeling expenses) would be $71,535. This is calculated by taking the sales price ($275,500) and subtracting the original note amount ($133,000), the origination fee ($5,320), the funds he brought to closing ($57,000), and the total interest expenses ($8,645).

Loan Example 2

Dustin locates a house in Los Angeles, CA to remodel and resell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from Pacifica First National with the following parameters:

a) A $190,000 sales price, b) a 70% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 3% origination fee.

After the renovation project is complete, if Dustin sells the house for $228,000, the outcome would be as follows:

$228,000 sales price
- $133,000 loan principle (70% LTV)
- $57,000 cash paid at closing (30% on 70% LTV)
- $3,990 origination points (3% of the $133,000 principle)
- $17,290 interest payments (12 months x 13% interest)
-----------------------
= $16,720 total profit (doesn't include taxes or rehab costs)

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