About Pacshores Mortgage Inc
Pacshores Mortgage Inc is a Los Angeles, CA based private lender who provides funding in Los Angeles. Their lending focus is mainly on loans for investments properties. They do not require their borrowers to have a minimum FICO score to obtain a loan. They offer loans on all the following types of properties: single family units, multi-family units, apartments, office units, retail spaces, storage facilities, mixed use buildings, and undeveloped land.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Storage, Mixed Use, Land
Areas Served: Los Angeles
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: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/A
Loan Example 1
Glenda is a house flipper in Los Angeles, CA. She discovers a run-down property for sale and wants to remodel it and re-sell it for a profit. The property has a cost of $190,000 but she doesn't have the full amount so she takes a private money loan with Pacshores Mortgage Inc. Because the lender agrees to a 55% loan-to-value, Glenda will be required to put 45% down and the total amount of the loan will be $104,500. The terms of the note also stipulate a one percent origination fee that will be paid at the closing and a 6 month, interest only note with a 11% rate of interest.
The borrower will need to bring a total of $32,400 up front to cover the $85,500 down payment plus the $1,045 origination fee. After the loan closes, she will have to pay Pacshores Mortgage Inc $958 in monthly interest fees, or 11% multiplied times $104,500 divided by 12 months in a year. If Glenda sells the house for $247,000 after 6 months, she would then make a gross profit of $50,208 after subtracting the principle of $104,500, the money paid at the close of $85,500, the origination fee of $1,045, and the total interest payments of $5,748. This profit doesn't include building costs.
Loan Example 2
Roxanne locates a property in Los Angeles, CA to remodel and resell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Pacshores Mortgage Inc with the following parameters:
a) A $210,000 sales price, b) a 55% loan to value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 2% origination fee.
After the renovation project is finished, if Roxanne sells the house for $315,000, the outcome would be the following:
$315,000 sales price
- $115,500 loan principle (55% LTV)
- $94,500 down payment (45% on 55% LTV)
- $2,310 origination points (2% of the $115,500 principle)
- $6,930 interest payments (6 months x 12% interest)
= $95,760 gross profit (does not include taxes or renovation costs)
by Sam C. 08/10/2017
Pac shores mortgage arranged financing for my home purchase for a short term. I paid out the mortgage back in December 2016 after 4 months and have waited...
Read more on Yelp!Pac shores mortgage arranged financing for my home purchase for a short term. I paid out the mortgage back in December 2016 after 4 months and have waited...
Read more on Yelp!