Suncoast is a Boca Raton, FL based hard money lender. They provide loans in Boca Raton and Miami. Their focus is mainly on fix-and-flip loans. They primarily make loans on single family and multi-family units.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Boca Raton, Miami
Lending Guidelines for Suncoast
Below are the general loan guidelines published on the Suncoast 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 Suncoast.
Loan Example 1
Sam takes a hard money loan from Suncoast in order to renovate a townhome to resale in Boca Raton, FL. The list price of the house is $400,000. The loan to value (LTV) on the note is 55%. This means Sam will have to bring 45% of the sales price to the closing and the principle will be $220,000 on the deal. The rate on the loan is 14% for a term of 12 months and the lender requires a one point origination fee at the closing. The interest is to be paid monthly and the principle amount will be returned after the property sells.
Sam will have to bring $180,000 to the closing (45% on the 55% loan-to-value), plus he will pay the $2,200 origination fee. The lender will collect $2,567 in monthly interest from the borrower. This is computed by taking the full loan value of $220,000, multiplying by the 14% interest rate, and then dividing that number by 12. If Sam meets his goal of a $580,000 total sales price when the loan expires, he would make a total profit of $147,000 after re-paying the principle on the note and deducting the cash he contributed at closing, the origination points, and the monthly interest payments.
Loan Example 2
Ronnie is a real estate investor in Boca Raton, FL. He buys an older townhouse for a rehab project and takes a private money loan from Suncoast with the following features:
$330,000 sales price
70% loan to value (LTV)
6 month term
10% interest rate
1% origination fee
Once the renovation project is completed, if Ronnie sells the property for $429,000, the numbers would be the following:
$429,000 sales price
- $231,000 note principle (70% LTV)
- $99,000 down payment (30% on 70% LTV)
- $2,310 origination points (1% of the $231,000 principle amount)
- $11,550 interest payments (6 months x 10% interest)
= $85,140 total profit (doesn't include taxes or renovation costs)
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