About Seaside Funding Inc
Seaside Funding Inc is a Carlsbad, CA based private money lender who offers loans throughout Southern California. Their lending focus is mainly on fix and flip loans. They primarily provide loans for single family residences and multi-family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Southern California
Fix and Flip 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
Loan Example 1
Mildred is an investor in Acton, CA. She locates an older property and wants to renovate it and flip it for a profit. The house costs $270,000 but she doesn't have the full amount so she obtains a private money loan with Seaside Funding Inc. The lender agrees to make a note with a 85% loan to value (LTV) so they are willing to loan $229,500 on the house. The note is interest-only, paid monthly, and is for 12 months at 13% interest with 4 origination points to be paid when the deal closes.
By the parameters of the note, Mildred will have to pay a $9,180 origination fee plus 15% of the sales price, or $40,500, based on the 85% LTV. After the deal is executed and Mildred takes on the project, she will need to begin making monthly payments of $2,486 to Seaside Funding Inc ($229,500 principle x 13% / 12 months). Mildred 's intention is to complete the project within the 12 months and re-sell it for $378,000. If she succeeds she will collect a total profit of $68,985 ($378,000 price - $229,500 principle - $40,500 cash at closing - $9,180 origination points - $29,835 in total interest payments.
Loan Example 2
Jamie is a an investor in Acton, CA. She purchases a run-down house for a rehab project and takes out a fix and flip loan from Seaside Funding Inc with the following features:
a) A $150,000 sales price, b) a 80% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 5% origination fee.
Jamie intends to sell the project at the end of the term for $180,000. If she achieves this goal, the final numbers will be as follows:
$180,000 sales price
- $120,000 loan principle (80% LTV)
- $30,000 cash paid at closing (20% on 80% LTV)
- $6,000 origination fee (5% of the $120,000 principle amount)
- $21,600 interest payments (18 months x 12% interest)
= $2,400 gross profit (doesn't include taxes or renovation costs)
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