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About Bay Flip
Bay Flip is an asset-based lender based in San Francisco, CA offering loans across these areas: San Francisco County, Marin County, Alameda County, San Mateo County, Sonoma County, Napa County, Santa Clara County, Contra Costa County, and Solano County. Their focus is mainly on fix-and-flip hard money loans. They primarily provide funding for single family units and multi-family units.
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Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: San Francisco County, Marin County, Alameda County, San Mateo County, Sonoma County, Napa County, Santa Clara County, Contra Costa County, Solano County
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Lending Guidelines for Bay Flip
Below are the general loan guidelines published on the Bay Flip website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan 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 Examples
The following loans are for education purposes only. They do not represent actual loans executed by Bay Flip.
Loan Example 1
Bay Flip makes a hard money loan to Stephen for a renovation project in San Jose, CA, on a house that costs $370,000. The lender agrees to issue a loan with a 60% loan-to-value (LTV) so they are willing to extend $222,000 on the project. The note is interest only, with monthly payments, and is for 12 months at 9% interest with 4 points to be paid when the deal closes.
The borrower must bring a total of $32,400 up front to cover the $148,000 down payment in addition to the $8,880 origination fee. After the deal closes, he will need to pay the lender $1,665 in monthly interest payments, or 9% multiplied by $222,000 divided by 12 months in a year. Stephen's intention is to complete the renovation by the end of the 12 months and re-sell it for $518,000. If he succeeds he will collect a profit of $119,140 ($518,000 price - $222,000 principle amount - $148,000 cash at closing - $8,880 origination points - $19,980 in total interest paid.
Loan Example 2
Millie is a an investor in San Jose, CA. She purchases an older property for a remodeling project and takes a fix and flip loan from Bay Flip with the following terms:
$160,000 purchase price
75% loan-to-value (LTV)
12 month term
14% interest rate
3% origination feeIf Millie accomplishes her goal of a $224,000 sales price, the outcome of the project will be as follows:
$224,000 sales price
- $120,000 note principle (75% LTV)
- $40,000 down payment (25% on 75% LTV)
- $3,600 origination fee (3% of the $120,000 principle amount)
- $16,800 total interest paid (12 months x 14% interest)
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= $43,600 total profit (doesn't include taxes or rehab costs) -
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