Corevest

About Corevest

Corevest is an Irvine, CA based private lender. They provide funding all across the United States. They provide loans for investments properties, refinancing, bridge loans, and fix and flip hard money loans.Their loan parameters are versatile, including terms between 5 years and 10 years and loan amounts ranging from $500,000 to $100,000,000 with a maximum LTV of 75%. The focus of their loans is on single family homes and multi family residences.

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

Property Types Covered: Single Family, Multi Family

Areas Served: National

Licenses: License No. 60DBO-43692

Lending Guidelines for Corevest

Below are the general loan guidelines published on the Corevest 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 Corevest.

Loan Example 1

Sonya finds a townhouse in Salem, OR to flip and sell. Since she doesn't have enough cash to acquire the $290,000 property outright, she decides to take out a fix and flip loan from Corevest. The borrower will be required to fund 40% of the sales price in cash to closing based on a 60% loan-to-value stipulated by the lender. This makes the principle amount from Corevest $174,000. The interest rate on the note is 9% for a length of 18 months and the lender requires a two point origination fee at closing. The interest payments are to be paid monthly and the principle will be returned after the property sells.

Sonya must contribute a total of $32,400 upon closing to cover the $116,000 down payment plus the $3,480 origination fee. Once the loan is closed and Sonya takes on the property, she will need to begin making monthly payments of $1,305 to Corevest ($174,000 principle x 9% / 12 months). At the expiration of the loan, she sells the renovated property for $362,500. After deducting the $23,490 in total interest payments ($1,305 times 18 months), the $3,480 origination fee, the $174,000 principle amount on the loan, and the $116,000 she brought to closing, she will make a total profit of $45,530 ($362,500 sales price minus $316,970 in costs). This profit would be reduced by any rehab costs paid by Sonya.

Loan Example 2

Judy is a an investor in Kansas City, MO. She locates an older property for a renovation project and takes a private money loan from Corevest with the following paramters:

$150,000 sales price
85% loan to value (LTV)
18 month term
12% rate of interest
2% origination fee

Assuming a $180,000 sales price after the 18 month term, the numbers for the deal would look like this:

$180,000 sales price
- $127,500 loan principle (85% LTV)
- $22,500 down payment (15% on 85% LTV)
- $2,550 origination points (2% of the $127,500 principle)
- $22,950 interest payments (18 months x 12% interest)
-----------------------
= $4,500 total profit (does not include taxes or renovation costs)

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