Citrus Lending

About Citrus Lending

Citrus Lending is a Crystal River, FL based private money lender who offers funding throughout Florida. They offer loans for a variety of scenarios, including fix-and-flip hard money loans and rental property loans. They will consider different lending requests but primarily focus on single family units and multi family residences.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans

Property Types Covered: Single Family, Multi Family

Areas Served: FL

Licenses: NMLS # 326484, FL License # MBR285

Lending Guidelines for Citrus Lending

Below are the general loan guidelines published on the Citrus Lending 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 Citrus Lending.

Loan Example 1

Stanley closes on a $370,000 rehab project in Miami, FL, using a fix-and-flip loan from Citrus Lending. The borrower will be required to bring 35% of the sales price in cash to the closing based on a 65% loan to value set by the lending company. This makes the principle note from Citrus Lending $240,500. The rate on the note is 11% for a term of 6 months and the lender requires a five point origination fee at the closing. The interest is to be paid on a monthly basis and the principle amount will be repaid after the property sells.

The borrower will have to fund a total of $32,400 up front to pay the $129,500 down payment plus the $12,025 origination fee. Once the loan closes, he will have to pay the lender $2,205 in monthly interest fees, or 11% multiplied times $240,500 divided by 12 months in the year. Stanley's intention is to complete the project by the end of the 6 months and resell it for $518,000. If he succeeds he will collect a gross profit of $122,748 ($518,000 sales price - $240,500 principle amount - $129,500 cash paid at closing - $12,025 origination fee - $13,228 in total interest paid.

Loan Example 2

Rick locates a property in Miami, FL to rehab and sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Citrus Lending with the following parameters:

$300,000 sales price
60% loan-to-value (LTV)
18 month term
8% interest rate
2% origination fee

If Rick succeeds in his goal of a $435,000 sales price, the numbers of the project will be the following:

$435,000 sales price
- $180,000 principle (60% LTV)
- $120,000 cash paid at closing (40% on 60% LTV)
- $3,600 origination points (2% of the $180,000 principle amount)
- $21,600 total interest paid (18 months x 8% interest)
-----------------------
= $109,800 gross profit (does not include taxes or rehab costs)

No Reviews Yet

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

Write a Review for Citrus Lending