About The Atlas Companies
The Atlas Companies is a Newton, MA based private money lender offering loans throughout Boston. Their lending focus is primarily on loans for rental properties. They provide loans with a maximum LTV of 65% and terms up to 1 year. They primarily make funding for single family homes and multi-family units.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Boston
Lending Guidelines for The Atlas Companies
Below are the general loan guidelines published on the The Atlas Companies website. Please confirm all terms and rates directly with the lender.
Investment Property LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: Up to 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: NO
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 The Atlas Companies.
Loan Example 1
Andre is a house flipper in Boston, MA. He discovers an older property for sale and decides to remodel it and re-sell it for a profit. The house costs $280,000 but he does not have the full amount so he takes a hard money loan with The Atlas Companies. The loan-to-value (LTV) on the note is 75%. This means that Andre will bring 25% of the purchase price to the closing and the principle amount will be $210,000 on the note. The note is interest only, paid monthly, and is for 18 months at 10% interest with 1 points paid at closing.
Accordingly, the borrower will be required to make a $70,000 down payment plus pay a $2,100 origination fee. he must then pay $1,750 monthly to the lender. Andre 's intention is to finish the remodel within the 18 months and re-sell it for $406,000. If he succeeds he will collect a profit of $92,400 ($406,000 price - $210,000 principle amount - $70,000 down payment - $2,100 origination points - $31,500 in total interest payments.
Loan Example 2
Arthur takes a loan from The Atlas Companies so he can remodel a property to flip in Boston, MA. The loan has the following parameters:
$240,000 sales price
65% loan to value (LTV)
6 month term
14% interest rate
3% origination fee
After the renovation project is completed, if Arthur sells the house for $360,000, the outcome would be the following:
$360,000 sales price
- $156,000 loan principle (65% LTV)
- $84,000 down payment (35% on 65% LTV)
- $4,680 origination fee (3% of the $156,000 principle amount)
- $10,920 interest payments (6 months x 14% interest)
= $104,400 total profit (does not include taxes or rehab costs)
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