Cornerstone Company
Office Address Not Available
Are the owner of this business? Claim this listing.
-
About Cornerstone Company
Cornerstone Company is private money lender headquartered in Buena Park, CA. They provide loans throughout Orange County, Los Angeles County, Riverside County, San Bernardino County, and San Diego County. They provide fix-and-flip loans and hard money bridge loans. They issue loans with a maximum LTV of 75%, terms between 6 months and 1 year, and rates ranging between 9% and 12%. The focus of their lending is for single family homes and multi family residences.
Visit Website
Loan Types Offered: Fix and Flip Loans, Bridge Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
Licenses: Cal. BRE#00634700
-
Lending Guidelines for Cornerstone Company
Below are the general loan guidelines published on the Cornerstone Company website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan Amounts: N/A
Available Rates: 9% - 12%
Typical Terms: 6 months - 12 months
Points Charged: 2% - 4%
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: YES
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: N/A
Available Rates: 9% - 12%
Typical Terms: 6 months - 12 months
Points Charged: 2% - 4%
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: YES
Minimum FICO Score: N/A
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Cornerstone Company.
Loan Example 1
Becky finds a house in Los Angeles, CA to renovate and re-sell. Since she does not have enough cash on-hand to purchase the $150,000 property outright, she takes out a fix-and-flip loan from Cornerstone Company. As the lender sets a 60% loan-to-value, Becky will need to put 40% down so the amount of the loan will be $90,000. The rate on the loan is 11% for a length of 12 months and the company requires a five point origination fee at the closing. The interest is to be paid monthly and the principle will be returned after the property sells.
On top of the $4,500 origination fee, Becky will also fund $60,000 of the purchase with her own money, or 40% of the sales price. she must then pay $825 monthly to the lender. Becky's intention is to complete the project by the end of the 12 months and re-sell it for $187,500. If she succeeds she will collect a total profit of $23,100 ($187,500 sales price - $90,000 principle amount - $60,000 down payment - $4,500 origination fee - $9,900 in total interest.
Loan Example 2
Christa finds a townhouse in Los Angeles, CA to rehab and sell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from Cornerstone Company with the following parameters:
a) A $350,000 purchase price, b) a 65% loan to value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 5% origination fee.
If Christa achieves her goal of a $472,500 sales price, the final numbers of the project will be the following:
$472,500 sales price
- $227,500 principle on note (65% LTV)
- $122,500 down payment (35% on 65% LTV)
- $11,375 origination points (5% of the $227,500 principle amount)
- $27,300 interest payments (18 months x 8% interest)
-----------------------
= $83,825 total profit (doesn't include taxes or rehab costs) -
No Reviews Yet
Cornerstone Company currently has no reviews. To add a review now, click the link below:
Your Information is Processing