About Presidential Mortgage
Presidential Mortgage is a Greenland, NH based private lender. They offer funding in New Hampshire and Maine. Their lending focus is primarily on private commercial loans. They offer terms up to 5 years. They do not require a minimum FICO rating to obtain a loan. They will make loans on all the following types of properties: single family, multi-family units, apartment buildings, office buildings, retail spaces, hotels/motels, storage buildings, senior living communities, mixed use, undeveloped land, churches, warehouse buildings, industrial facilities, and medical buildings.
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Land, Church, Warehouse, Industrial, Medical
Areas Served: NH, ME
Licenses: NH14466-MBR, Maine-CSO9211, NMLS 112958
Lending Guidelines for Presidential Mortgage
Below are the general loan guidelines published on the Presidential Mortgage website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: Up to 60 months
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: YES
Prepayment Penalties: N/A
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 Presidential Mortgage.
Loan Example 1
Derrick runs a business in Manchester, NH and decides to buy a new office space to run his operations. Since he isn't able to obtain a standard loan from a bank, he looks to Presidential Mortgage for a commercial private money loan. The price of the new building is $260,000 and the lender agrees to fund 65% of the cost (the loan to value / "LTV"), or $169,000. The other $91,000 will need to be funded by the borrower when the deal closes. Additionally, the lender will require a 1 point origination fee in combination with the 11%, 18 month term on the note. They will not enforce a pre-payment penalty if Derrick pays off the loan before it expires. Derrick may eliminate the note at any point if he pays back the $169,000 of principle, however, he will be required to make $1,549 /month interest payments ($169,000 principle amount x 11% interest rate / 12 months) in the interim, or until the loan expires. Because there is not a pre-payment penalty, the only additional expense he will have to pay is the $1,690 origination cost which he will contribute when the loan closes.
Loan Example 2
Heidi takes out a hard money loan from Presidential Mortgage in order to rehab a townhome to re-sell in Manchester, NH. The deal has the following parameters:
a) A $370,000 purchase price, b) a 75% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 1% origination fee.
After the renovation project is finished, if Heidi sells the house for $518,000, the outcome would be the following:
$518,000 sales price
- $277,500 principle on note (75% LTV)
- $92,500 down payment (25% on 75% LTV)
- $2,775 origination points (1% of the $277,500 principle)
- $11,100 total interest paid (6 months x 8% interest)
= $134,125 total profit (doesn't include taxes or renovation costs)
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