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!
by Scott H. 04/13/2018
The Legacy Group, Randy King, Andrea Trout and others have lost MILLIONS of dollars of investor's money. Ask me how I know. I invested in a single family...
Read more on Yelp!The Legacy Group, Randy King, Andrea Trout and others have lost MILLIONS of dollars of investor's money. Ask me how I know. I invested in a single family...
Read more on Yelp!