About The Legacy Group
The Legacy Group is a Colorado Springs, CO based private lender who offers loans in 8 states throughout the United States. Their lending focus is primarily on commercial hard money loans. They make loans on all the following types of properties: multi family, offices, retail spaces, industrial facilities, mixed use buildings, apartment buildings, and warehouse spaces.
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Multi Family, Office, Retail, Industrial, Mixed Use, Apartment, Warehouse
Areas Served: CO, CA, GA, UT, NV, ID, MN, FL
Commercial Hard Money 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
Jaime runs a business in Los Angeles, CA and needs to buy a new office space to run his operations. Because he cannot obtain a commercial mortgage from a bank, he looks to The Legacy Group for a commercial private money loan. The building is listed for $250,000. Jaime will need to put 35% down, or $87,500, because the lender will only loan 65% of the transaction (the loan to value or "LTV"). This means the principle amount on the deal will be $162,500. The loan also specifies a 6 month length, a 8% interest rate, interest only payments paid monthly with a final payment when the note expires (with no pre-payment penalty), and a 2 point origination charge. Jaime will need to pay the origination fee of $3,250 and will then begin making the interest payments of $1,083 ($162,500 principle amount x 8% interest / 12 months). He can pay back the note early if he wants to because there is not a pre-payment penalty but he will be responsible for paying off the full principle amount when he closes the loan.
Loan Example 2
Jessie locates a house in Los Angeles, CA to remodel and sell. Because he does not have enough cash to buy the property outright, he takes a hard money loan from The Legacy Group with the following parameters:
a) A $310,000 sales price, b) a 55% loan to value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 5% origination fee.
Jessie intends to sell the project at the end of the term for $465,000. If he achieves this goal, the deal numbers will be the following:
$465,000 sales price
- $170,500 principle (55% LTV)
- $139,500 cash paid at closing (45% on 55% LTV)
- $8,525 origination fee (5% of the $170,500 principle)
- $23,018 interest payments (18 months x 9% interest)
= $123,458 gross profit (doesn't include taxes or rehab costs)
by Sanjli B. 04/17/2015
If I had a chance I will not even give them one star. They are just cheaters. We bought the house from them and our nightmares began. They advertised the...
Read more on Yelp!If I had a chance I will not even give them one star. They are just cheaters. We bought the house from them and our nightmares began. They advertised the...
Read more on Yelp!