4MyCash

About 4MyCash

4MyCash is hard money lender based in Clayton, MO. They offer loans throughout Missouri. They offer loans for a variety of scenarios, including fix-and-flip hard money loans and commercial hard money loans. They issue rates ranging between 13% and 15% and loans with a maximum LTV of 100%. They do not require borrowers to have a minimum FICO score to obtain a loan. The focus of their lending is on single family and multi-family.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans

Property Types Covered: Single Family, Multi Family

Areas Served: MO

Lending Guidelines for 4MyCash

Below are the general loan guidelines published on the 4MyCash website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by 4MyCash.

Loan Example 1

Tyler is an investor in St Louis, MO. He finds an older property for sale and wants to rehab it and flip it for a profit. The property has a cost of $330,000 but he does not have the full amount so he obtains a fix and flip loan with 4MyCash. Because the lender agrees to a 85% loan-to-value, Tyler will need to put 15% down and the total amount of the loan will be $280,500. The loan is interest-only, with monthly payments, and is for 18 months at 12% interest with 2 origination points to be paid when the deal closes.

Tyler will have to bring a total of $32,400 up front to pay the $49,500 down payment plus the $5,610 origination fee. 4MyCash will collect $2,805 in monthly interest payments from the borrower. This is computed by taking the total loan amount of $280,500, multiplying by the 12% interest rate, and then dividing that amount by 12. If Tyler achieves his goal of a $462,000 sales price at the end of the loan term, he would pocket a gross profit of $75,900 after re-paying the principle amount and deducting the money he brought to closing, the origination fee, and the total monthly interest payments.

Loan Example 2

Bobby locates a house in St Louis, MO to rehab and sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from 4MyCash with the following parameters:

a) A $320,000 sales price, b) a 85% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 3% origination fee.

Bobby intends to sell the property when the note expires for $416,000. If he achieves this goal, the deal numbers will be the following:

$416,000 sales price
- $272,000 note principle (85% LTV)
- $48,000 cash paid at closing (15% on 85% LTV)
- $8,160 origination fee (3% of the $272,000 principle amount)
- $12,240 interest payments (6 months x 9% interest)
-----------------------
= $75,600 gross profit (doesn't include taxes or renovation costs)

No Reviews Yet

4MyCash currently has no reviews. To add a review now, click the link below:

Write a Review for 4MyCash