C-Mortgage

About C-Mortgage

Based in Tampa, FL, C-Mortgage is a private money lender offering loans in Tampa. They provide private commercial loans and fix and flip loans. Their lending parameters are flexible, including loans with a maximum LTV of 65%, rates ranging between 10% and 12%, and terms up to 30 years. They provide loans on many types of properties, including single family homes, multi-family units, apartments, offices, mixed use buildings, retail units, warehouse buildings, storage facilities, and industrial facilities.

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

Property Types Covered: Single Family, Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial

Areas Served: Tampa

Lending Guidelines for C-Mortgage

Below are the general loan guidelines published on the C-Mortgage 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 C-Mortgage.

Loan Example 1

Samuel is an investor in Tampa, FL. He discovers an older property and decides to rehab it and sell it for a profit. The property has a cost of $230,000 but he does not have the full amount so he takes a private money loan with C-Mortgage. The borrower will be required to bring 45% of the sales price in cash to closing based on a 55% loan to value stipulated by the lending company. This makes the principle note from C-Mortgage $126,500. The note is interest-only, paid monthly, and is for 12 months at 13% interest with 4 origination points to be paid at closing.

In accordance with the parameters of the deal, Samuel will be required to contribute a $5,060 origination fee plus 45% of the sales price, or $103,500, since there is a 55% LTV. After the loan is closed and Samuel takes the project, he will have to begin making monthly payments of $1,370 to the lender ($126,500 principle x 13% / 12 months). At the end of the loan, he sells the renovated property for $322,000. After subtracting the $16,445 in interest expenses ($1,370 multiplied by 12 months), the $5,060 origination fee, the $126,500 principle amount on the loan, and the $103,500 he contributed to closing, he will make a total profit of $70,495 ($322,000 price minus $251,505 in total costs). This profit would then be reduced by any rehab costs paid by Samuel.

Loan Example 2

C-Mortgage makes a private money loan to William for a rehab project in Tampa, FL. The deal includes the following:

a) A $350,000 purchase price, b) a 60% loan-to-value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 1% origination fee.

William intends to list the project at the end of the term for $455,000. If he achieves this goal, the final numbers will be the following:

$455,000 sales price
- $210,000 loan principle (60% LTV)
- $140,000 cash paid at closing (40% on 60% LTV)
- $2,100 origination points (1% of the $210,000 principle)
- $27,300 interest payments (12 months x 13% interest)
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= $75,600 gross profit (doesn't include taxes or rehab costs)