About Secure Funding, LLC
Based in Windsor Mill, MD, Secure Funding, LLC is a hard money lender offering funding in Baltimore. Their focus is primarily on fix-and-flip loans. They will consider different loan requests but primarily focus on single family homes and multi-family units.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Baltimore
Lending Guidelines for Secure Funding, LLC
Below are the general loan guidelines published on the Secure Funding, LLC 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 Secure Funding, LLC.
Loan Example 1
Michael is an investor in Baltimore, MD. He locates an older property for sale and decides to renovate it and flip it for a profit. The house costs $210,000 but he doesn't have the full amount so he takes a hard money loan with Secure Funding, LLC. Because the lender sets a 50% loan to value, Michael will be required to put 50% down so the amount of the note will be $105,000. The terms of the deal also include a five percent origination fee which will be paid at the closing and a 6 month, interest-only note with a 12% interest rate.
In accordance with the parameters of the note, Michael will be required to pay a $5,250 origination fee plus 50% of the sales price, or $105,000, since there is a 50% LTV. The monthly interest only payments will then be $1,050 to Secure Funding, LLC. If Michael sells the property for $252,000 after 6 months, he would realize a gross profit of $30,450 after subtracting the principle amount of $105,000, the funds paid at closing of $105,000, the origination points of $5,250, and the aggregate interest payments of $6,300. This profit doesn't account for rehab costs.
Loan Example 2
Billie finds a property in Baltimore, MD to renovate and re-sell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from Secure Funding, LLC with the following parameters:
$320,000 purchase price
65% loan to value (LTV)
6 month term
13% rate of interest
5% origination fee
Billie plans to list the project at the end of the term for $384,000. If she succeeds, the outcome would be the following:
$384,000 sales price
- $208,000 note principle (65% LTV)
- $112,000 down payment (35% on 65% LTV)
- $10,400 origination points (5% of the $208,000 principle)
- $13,520 total interest paid (6 months x 13% interest)
= $40,080 gross profit (doesn't include taxes or rehab costs)
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