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
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
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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