About Prime Lenders
Prime Lenders is an asset-based lender in Weston, FL providing loans in Florida. Their focus is mainly on rental property loans. The focus of their lending is for single family homes and multi family.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: FL
Licenses: NMLS #265944
Lending Guidelines for Prime Lenders
Below are the general loan guidelines published on the Prime Lenders website. Please confirm all terms and rates directly with the lender.
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: N/A
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Prime Lenders.
Loan Example 1
Nikki is a real estate investor in Miami, FL. She locates a run-down property and decides to rehab it and resell it for a profit. The house has a cost of $270,000 but she does not have the full amount so she obtains a private money loan with Prime Lenders. The lender agrees to issue a note with a 70% loan to value (LTV) so they will extend $189,000 on the property. The loan is interest only, paid monthly, and is for 18 months at 13% interest with 1 origination points to be paid when the deal closes.
On top of the $1,890 origination fee, Nikki will also have to fund $81,000 of the purchase with her own cash, or 30% of the sales price. The lender will collect $2,048 in monthly interest payments from the Nikki . This is calculated by taking the total loan amount of $189,000, multiplying by the 13% rate of interest, and then dividing that number by 12. If Nikki sells the property for $405,000 after 18 months, she would then earn a gross profit of $96,255 after subtracting the original principle of $189,000, the money contributed at the close of $81,000, the origination fee of $1,890, and the aggregate interest payments of $36,855. This amount does not include rehab costs.
Loan Example 2
Chad is a an investor in Miami, FL. He buys a run-down property for a rehab project and obtains a private money loan from Prime Lenders with the following paramters:
a) A $390,000 sales price, b) a 70% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 2% origination fee.
If Chad achieves his goal of a $507,000 sales price, the final numbers of the deal would be as follows:
$507,000 sales price
- $273,000 principle (70% LTV)
- $117,000 down payment (30% on 70% LTV)
- $5,460 origination fee (2% of the $273,000 principle)
- $21,840 interest payments (12 months x 8% interest)
= $89,700 total profit (doesn't include taxes or rehab costs)
Glen Gordon could be the most knowledgeable mortgage professional in the business. I used Prime Lenders when buying a home a few years back and Glenn (the...
Read more on Yelp!Glen Gordon could be the most knowledgeable mortgage professional in the business. I used Prime Lenders when buying a home a few years back and Glenn (the...
Read more on Yelp!
It was a real pleasure working with Prime Lenders. Glen and his professional team helped make our dreams come true. Don't let a prior bankruptcy intimidate...
Read more on Yelp!It was a real pleasure working with Prime Lenders. Glen and his professional team helped make our dreams come true. Don't let a prior bankruptcy intimidate...
Read more on Yelp!