About Poritzky Services, Inc
Based in Ossining, NY, Poritzky Services, Inc is a hard money lender offering funding in New York City. Their focus is primarily on private commercial loans. Their loan parameters are flexible, including terms up to 1 year, rates starting at 8% , and loans with a maximum LTV of 50%. They offer loans on most property types, including multi-family units, apartment buildings, office buildings, retail storefronts, hotels and motels, storage buildings, senior living communities, mixed use, warehouse spaces, industrial buildings, and medical buildings.
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical
Areas Served: New York City
Lending Guidelines for Poritzky Services, Inc
Below are the general loan guidelines published on the Poritzky Services, Inc website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: N/A
Available Rates: 8% and up
Typical Terms: Up to 12 months
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: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Poritzky Services, Inc.
Loan Example 1
To facilitate his small business, Everett must acquire a new commercial building. After he is denied a conforming loan from his local bank, he secures a commercial private money loan from Poritzky Services, Inc. The price of the property is $400,000 and the lending company agrees to contribute 60% of the cost (the loan to value / "LTV"), or $240,000. The remaining $160,000 will be funded by the borrower when the transaction is executed. The loan also dictates a 12 month term, a 14% rate of interest, interest only payments made each month with a balloon payment at the end of the note (without a pre-payment penalty), and a 3 percent origination charge. Under the specifications of the loan, Everett will have to pay origination points of $7,200 when the loan is executed. He will also start making payments of $2,800 each month for the duration of the loan and will re-pay the principle at the end of the 12 month loan term. Should he decide to repay the loan early, he may do so without an additional cost since there is not a pre-payment penalty associated with the loan.
Loan Example 2
Nicole is a real estate investor in Cos Cob, CT. She purchases a run-down townhouse for a rehab project and takes a hard money loan from Poritzky Services, Inc with the following paramters:
a) A $150,000 sales price, b) a 70% loan to value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
Assuming a $217,500 sales price after the 18 month term, the outcome for this project would look like this:
$217,500 sales price
- $105,000 principle (70% LTV)
- $45,000 cash paid at closing (30% on 70% LTV)
- $4,200 origination points (4% of the $105,000 principle)
- $22,050 interest payments (18 months x 14% interest)
= $41,250 total profit (doesn't include taxes or renovation costs)
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