About Turn-Key Lending & Reality Inc
Turn-Key Lending & Reality Inc is a Sacramento, CA based hard money lender. They offer funding in Sacramento. Their lending focus is mainly on loans for rental properties. They do not require their borrowers to have a minimum credit score to obtain a loan. The focus of their lending is for single family.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family
Areas Served: Sacramento
Investment Property 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): 100%
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: YES
Minimum FICO Score: NO
Time to Close: N/A
Loan Example 1
Turn-Key Lending & Reality Inc makes a private money loan to Misty for a remodeling project in Sacramento, CA, on a property that is listed for $380,000. The borrower will need to fund 50% of the sales price in cash to the closing based on a 50% loan-to-value set by the lender. This makes the principle note from Turn-Key Lending & Reality Inc $190,000. The parameters of the loan also include a three percent origination fee which will be paid at the closing and a 18 month, interest-only note with a 8% rate of interest.
Misty will have to bring $190,000 to closing (50% on the 50% LTV), plus she will need to pay the $5,700 origination fee. Turn-Key Lending & Reality Inc will collect $1,267 in monthly interest from the borrower. This is computed by taking the total note value of $190,000, multiplying that by the 8% rate of interest, and then dividing that amount by 12. If Misty achieves her goal of a $551,000 total sales price when the loan expires, she would make a total profit of $142,500 after re-paying the principle on the note and deducting the money she paid at closing, the origination fee, and the total monthly interest payments.
Loan Example 2
Alexandra takes out a hard money loan from Turn-Key Lending & Reality Inc so she can remodel a townhouse to resell in Sacramento, CA. The deal has the following terms:
a) A $310,000 purchase price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 3% origination fee.
Alexandra intends to list the property when the note expires for $449,500. If she accomplishes her goal, the deal numbers would be as follows:
$449,500 sales price
- $263,500 note principle (85% LTV)
- $46,500 cash paid at closing (15% on 85% LTV)
- $7,905 origination points (3% of the $263,500 principle)
- $43,478 interest payments (18 months x 11% interest)
= $88,118 gross profit (doesn't include taxes or rehab costs)
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