About SCL Mortgage
SCL Mortgage is a hard money lender in Castle Rock, CO providing loans throughout Colorado. Their focus is primarily on long term rental property loans. The focus of their lending is on single family residences and multi-family.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: CO
Licenses: NMLS #1200716
Lending Guidelines for SCL Mortgage
Below are the general loan guidelines published on the SCL Mortgage 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 SCL Mortgage.
Loan Example 1
Marion finds a townhome in Denver, CO to rehab and re-sell. Since he does not have enough cash to acquire the $230,000 property outright, he takes out a private money loan from SCL Mortgage. The terms of the note include a 75% loan to value (LTV), so he must bring 25% of the price as cash to closing, which makes the principle loan amount $172,500. The loan is interest-only, paid monthly, and is for 18 months at 10% interest with 3 points paid at closing.
On top of the $5,175 origination fee, Marion will also have to fund $57,500 of the purchase with his own funds, or 25% of the sales price. After the loan closes, he will need to pay the lender $1,438 in monthly interest fees, or 10% multiplied times $172,500 divided by 12 months in a year. If Marion accomplishes his goal of a $333,500 total sales price at the end of the loan term, he would make a total profit of $72,450 after repaying the principle on the note and deducting the money he contributed at closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Esmeralda locates a townhouse in Denver, CO to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from SCL Mortgage with the following parameters:
$350,000 sales price
55% loan to value (LTV)
12 month term
8% interest rate
4% origination fee
Assuming a $455,000 sales price after the 12 month term, the numbers for this project would look like this:
$455,000 sales price
- $192,500 principle on note (55% LTV)
- $157,500 down payment (45% on 55% LTV)
- $7,700 origination points (4% of the $192,500 principle)
- $15,400 total interest paid (12 months x 8% interest)
= $81,900 gross profit (does not include taxes or rehab costs)
My husband and I recently purchased a home and used SCL Mortgage and we are so happy with the entire process. I am used to working with companies who don't...
Read more on Yelp!My husband and I recently purchased a home and used SCL Mortgage and we are so happy with the entire process. I am used to working with companies who don't...
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I would like to provide my personal recommendation for Larry and his team. Larry has decades of mortgage experience and knowledge but more importantly; high...
Read more on Yelp!I would like to provide my personal recommendation for Larry and his team. Larry has decades of mortgage experience and knowledge but more importantly; high...
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