Best Beach Lending
12000 Biscayne Boulevard. Suite 106
Miami, FL 33181
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About Best Beach Lending
Best Beach Lending is an asset-based lender based in Miami, FL offering loans in Broward County, Miami-Dade County, and Palm Beach County. They offer lending solutions for a variety of needs and situations, including fix and flip loans and investment property loans. Their lending guidelines are versatile, including terms between 24 months and 60 months. They primarily make loans for single family residences and multi family.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Broward County, Miami-Dade County, Palm Beach County
Licenses: NMLS ID # 380294
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Lending Guidelines for Best Beach Lending
Below are the general loan guidelines published on the Best Beach Lending website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: 24 months - 60 months
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: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: 7 - 10 DaysFix and Flip Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: 24 months - 60 months
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: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: 7 - 10 Days -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Best Beach Lending.
Loan Example 1
Brooke is an investor in Miami, FL. She finds a run-down property and wants to renovate it and flip it for a profit. The house has a cost of $220,000 but she does not have the full amount so she obtains a fix-and-flip loan with Best Beach Lending. The terms of the note include a 85% loan-to-value (LTV), so she must bring 15% of the price as cash at closing, which makes the principle loan amount $187,000. The terms of the note also include a one point origination fee that will be paid at the closing and a 12 month, interest-only note with a 11% rate of interest.
Brooke will have to bring $33,000 to the closing (15% on the 85% loan-to-value), plus she will need to pay the $1,870 origination fee. Best Beach Lending will collect $1,714 in monthly interest from the borrower. This is computed by taking the total loan value of $187,000, multiplying by the 11% rate of interest, and then dividing that number by 12. Brooke's plan is to finish the rehab within the 12 months and sell it for $319,000. If she succeeds she will make a profit of $76,560 ($319,000 price - $187,000 principle - $33,000 funds brough to closing - $1,870 origination points - $20,570 in total interest payments.
Loan Example 2
Terry takes a hard money loan from Best Beach Lending so he can remodel a townhouse to re-sell in Miami, FL. The loan has the following terms:
a) A $340,000 purchase price, b) a 55% loan to value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 2% origination fee.
Once the rehab project is complete, if Terry sells the house for $493,000, the final numbers would be the following:
$493,000 sales price
- $187,000 note principle (55% LTV)
- $153,000 down payment (45% on 55% LTV)
- $3,740 origination fee (2% of the $187,000 principle amount)
- $11,220 total interest paid (6 months x 12% interest)
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= $138,040 total profit (doesn't include taxes or rehab costs) -
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