Clear Mortgage

About Clear Mortgage

Clear Mortgage is a private lender based in Tempe, AZ offering funding in Phoenix. They provide ground-up construction loans, fix and flip hard money loans, hard money loans for commercial properties, investment property loans, hard money bridge loans, and cash out hard money loans. They provide rates starting at 12% , terms between 6 months and 12 months, and loan amounts starting from $10,000 with a maximum LTV of 80%. They do not require a minimum credit rating to obtain a loan. They offer loans on various types of properties, including single family units, multi-family, apartment buildings, offices, retail storefronts, hotels/motels, storage buildings, senior living communities, mixed use spaces, raw land, churches, warehouse spaces, industrial buildings, and medical buildings.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Land, Church, Warehouse, Industrial, Medical

Areas Served: Phoenix

Licenses: AZMB: 0910780, NMLS: 149378

Lending Guidelines for Clear Mortgage

Below are the general loan guidelines published on the Clear 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 Clear Mortgage.

Loan Example 1

Adela finds a property in Phoenix, AZ to flip and re-sell. Since she doesn't have enough cash on-hand to purchase the $370,000 project outright, she takes out a fix-and-flip loan from Clear Mortgage. The terms of the deal include a 80% loan to value (LTV), so she must contribute 20% of the price as cash to closing, which makes the principle note amount $296,000. The terms of the loan also stipulate a five point origination fee which will be paid at the closing and a 6 month, interest-only note with a 13% interest rate.

Adela will need to contribute $74,000 to closing (20% on the 80% LTV), plus she will need to pay the $14,800 origination fee. she will then pay $3,207 monthly to Clear Mortgage. If Adela sells the property for $481,000 after 6 months, she would make a gross profit of $76,960 after subtracting the principle amount of $296,000, the funds contributed at the close of $74,000, the origination points of $14,800, and the aggregate interest payments of $19,240. This amount doesn't include remodeling costs.

Loan Example 2

Kelli finds a property in Phoenix, AZ to rehab and sell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Clear Mortgage with the following parameters:

a) A $320,000 sales price, b) a 75% loan to value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 3% origination fee.

If Kelli accomplishes her goal of a $400,000 sales price, the outcome of the deal would be the following:

$400,000 sales price
- $240,000 principle (75% LTV)
- $80,000 cash paid at closing (25% on 75% LTV)
- $7,200 origination points (3% of the $240,000 principle amount)
- $39,600 total interest paid (18 months x 11% interest)
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= $33,200 gross profit (doesn't include taxes or rehab costs)