SNAP.BUILD
822 A1A North, Suite 208
Ponte Vedra Beach, FL 32082
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About SNAP.BUILD
Based in Ponte Vedra Beach, FL, SNAP.BUILD is a private lender offering funding all across the United States. They offer lending solutions for many different situations and needs, including buy and hold loans, ground-up construction loans, and short term fix and flip loans. They primarily offer funding for single family residences and multi-family.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans, New Construction Loans
Property Types Covered: Single Family, Multi Family
Areas Served: National
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Lending Guidelines for SNAP.BUILD
Below are the general loan guidelines published on the SNAP.BUILD website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan 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/AFix and Flip Loans
Loan 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/ANew Construction Loans
Loan 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 Examples
The following loans are for education purposes only. They do not represent actual loans executed by SNAP.BUILD.
Loan Example 1
John takes a hard money loan from SNAP.BUILD in order to remodel a duplex to flip in Toledo, OH. The list price of the house is $380,000. The terms of the loan include a 75% loan-to-value (LTV), so he must contribute 25% of the price as cash to closing, making the principle note amount $285,000. The terms of the deal dictate a 12% note for 18 months. They also require a 5 point origination fee, that will also have to be paid at closing.
By the terms of the loan, John will have to contribute a $14,250 origination fee in addition to 25% of the sales price, or $95,000, since there is a 75% LTV. The monthly interest-only payments will then be $2,850 to SNAP.BUILD. If John sells the project for $494,000 after 18 months, he would then earn a gross profit of $48,450 after subtracting the principle of $285,000, the money paid at the close of $95,000, the origination fee of $14,250, and the total interest payments of $51,300. This amount doesn't account for remodeling costs.
Loan Example 2
Eddie locates a house in Reading, PA to remodel and re-sell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from SNAP.BUILD with the following parameters:
a) A $190,000 purchase price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 2% origination fee.
After the renovation project is finished, if Eddie sells the property for $275,500, the numbers would be as follows:
$275,500 sales price
- $152,000 principle (80% LTV)
- $38,000 down payment (20% on 80% LTV)
- $3,040 origination points (2% of the $152,000 principle amount)
- $16,720 total interest paid (12 months x 11% interest)
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= $65,740 total profit (doesn't include taxes or renovation costs) -
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