About Steve Martin
Steve Martin is a Fresno, CA based private lender offering funding throughout Fresno. Their focus is mainly on fix-and-flip loans. The focus of their loans is on single family residences and multi-family units.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Fresno
Licenses: NMLS # 359128
Lending Guidelines for Steve Martin
Below are the general loan guidelines published on the Steve Martin 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 Steve Martin.
Loan Example 1
Milagros takes a hard money loan from Steve Martin in order to remodel a townhome to flip in Fresno, CA. The price of the house is $300,000. The loan-to-value (LTV) on the note is 85%. This means that Milagros will need to bring 15% of the sales price to closing and the principle amount will be $255,000 on the loan. The rate on the note is 8% for a term of 12 months and the lender requires a two point origination fee at the close. The interest is to be paid on a monthly basis and the principle amount will be repaid after the property sells.
The borrower will have to contribute a total of $32,400 up front to pay the $45,000 down payment plus the $5,100 origination fee. The lender will collect $1,700 in monthly interest payments from the borrower. This is computed by taking the full note amount of $255,000, multiplying by the 8% rate of interest, and then dividing that number by 12. At the expiration of the loan, she sells the renovated house for $375,000. After subtracting the $20,400 in interest payments ($1,700 multiplied by 12 months), the $5,100 origination fee, the $255,000 principle amount on the loan, and the $45,000 she brought to closing, she will make a total profit of $49,500 ($375,000 price minus $325,500 in costs). This profit would then be reduced by any renovation costs paid by Milagros .
Loan Example 2
Lorene is a an investor in Fresno, CA. She buys a run-down property for a renovation project and takes a private money loan from Steve Martin with the following features:
a) A $290,000 purchase price, b) a 65% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 2% origination fee.
Lorene plans to list the house at the end of the term for $391,500. If she accomplishes her goal, the final numbers will be the following:
$391,500 sales price
- $188,500 loan principle (65% LTV)
- $101,500 down payment (35% on 65% LTV)
- $3,770 origination points (2% of the $188,500 principle amount)
- $39,585 interest payments (18 months x 14% interest)
= $58,145 gross profit (doesn't include taxes or rehab costs)
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