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.Visit Website
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Southern California
Licenses: DRE LICENCE # 01263633, NMLS# 256432
Lending Guidelines for Seaside Funding Inc
Below are the general loan guidelines published on the Seaside Funding Inc website. Please confirm all terms and rates directly with the lender.
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
The following loans are for education purposes only. They do not represent actual loans executed by Seaside Funding Inc.
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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