About SurePoint Equity LLC
SurePoint Equity LLC is a hard money lender in Louisville, KY offering funding throughout Kentucky. Their lending focus is primarily on fix and flip hard money loans. Their loan parameters are flexible, including terms up to 1 year. The focus of their lending is for single family residences and multi-family units.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: KY
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): 90%
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 3 - 5 Days
Loan Example 1
SurePoint Equity LLC issues a fix-and-flip loan to Casey for a rehab project in Louisville, KY, on a property that is listed for $260,000. The lender agrees to write a note with a 50% loan-to-value (LTV) so they will loan $130,000 on the property. The terms of the loan also stipulate a one percent origination fee that is to be paid at the closing and a 6 month, interest only note with a 9% rate of interest.
Casey will need to bring $130,000 to closing (50% on the 50% loan to value), plus he will pay the $1,300 origination fee. The monthly interest-only payments will then be $975 to the lender. At the expiration of the note, he sells the renovated property for $338,000. After deducting the $5,850 in interest expenses ($975 multiplied by 6 months), the $1,300 origination fee, the $130,000 principle amount on the note, and the $130,000 he contributed to the closing, he will earn a gross profit of $70,850 ($338,000 price minus $267,150 in costs). This amount would then be reduced by any renovation costs paid by Casey .
Loan Example 2
Petra takes out a hard money loan from SurePoint Equity LLC so she can rehab a property to re-sell in Louisville, KY. The deal has the following terms:
a) A $250,000 sales price, b) a 80% loan to value (LTV), c) a 12 month term, d) a 12% interest rate, and e) a 1% origination fee.
Assuming a $325,000 sales price after the 12 month term, the numbers for this project would look like the following:
$325,000 sales price
- $200,000 principle on note (80% LTV)
- $50,000 cash paid at closing (20% on 80% LTV)
- $2,000 origination points (1% of the $200,000 principle)
- $24,000 interest payments (12 months x 12% interest)
= $49,000 gross profit (doesn't include taxes or renovation costs)
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