Conquest Funding, Inc

About Conquest Funding, Inc

Conquest Funding, Inc is an Allentown, PA based private money lender. They provide funding throughout Philadelphia, Scranton, Allentown, and Harrisburg. They provide loans for many different scenarios, including hard money bridge loans, fix and flip hard money loans, commercial loans, loans for rental properties, and cash out hard money loans. Their lending parameters are versatile, including loan amounts ranging from $50,000 to $500,000 with a maximum LTV of 65%, terms between 6 months and 1 year, and rates ranging between 12% and 14%. They offer loans on various property types, including single family residences, multi family, apartment buildings, office buildings, retail units, hotels and motels, storage facilities, senior living communities, mixed use spaces, warehouse spaces, industrial facilities, and medical offices.

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

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

Areas Served: Philadelphia, Scranton, Allentown, Harrisburg

Lending Guidelines for Conquest Funding, Inc

Below are the general loan guidelines published on the Conquest Funding, Inc 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 Conquest Funding, Inc.

Loan Example 1

Everett is an investor in Philadelphia, PA. He finds an older property and wants to remodel it and sell it for a profit. The house has a cost of $310,000 but he does not have the full amount so he obtains a fix-and-flip loan with Conquest Funding, Inc. The loan to value (LTV) on the deal is 85%. This means that Everett will need to bring 15% of the sales price to closing and the principle will be $263,500 on the note. The rate on the note is 9% for a length of 12 months and the lender requires a four point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the sale of the property.

According to the terms of the note, Everett will have to pay a $10,540 origination fee plus 15% of the sales price, or $46,500, based on the 85% LTV. Once the deal is closed and Everett takes the property, he will begin making monthly payments of $1,976 to the lender ($263,500 principle x 9% / 12 months). At the end of the note, he sells the renovated house for $372,000. After subtracting the $23,715 in total interest payments ($1,976 multiplied by 12 months), the $10,540 origination fee, the $263,500 principle on the note, and the $46,500 he contributed to closing, he will earn a gross profit of $27,745 ($372,000 price minus $344,255 in total costs). This amount would then be reduced by any building costs paid by the borrow.

Loan Example 2

Corey locates a townhouse in Philadelphia, PA to renovate and resell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Conquest Funding, Inc with the following parameters:

$300,000 purchase price
55% loan to value (LTV)
12 month term
13% rate of interest
2% origination fee

Based on a $390,000 sales price after the 12 month term, the outcome for the deal would look like this:

$390,000 sales price
- $165,000 principle on note (55% LTV)
- $135,000 cash paid at closing (45% on 55% LTV)
- $3,300 origination points (2% of the $165,000 principle)
- $21,450 interest payments (12 months x 13% interest)
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= $65,250 gross profit (does not include taxes or renovation costs)

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