Counselpro Lending
800 Westchester Avenue, Suite N641
Rye Brook, NY 10573
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About Counselpro Lending
Counselpro Lending is a Rye Brook, NY based private money lender who provides loans in New York. They offer rental property loans, commercial loans, refinancing, short term fix and flip loans, and bridge loans. Their lending parameters are versatile, including loan amounts ranging from $1,000,000 to $50,000,000 with a maximum LTV of 80% and terms up to 2 years. They make loans on all of the following property types: single family, multi-family units, apartment buildings, office buildings, retail storefronts, hotels and motels, storage buildings, senior facilities, mixed use buildings, churches, and warehouse buildings.
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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, Church, Warehouse
Areas Served: NY
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Lending Guidelines for Counselpro Lending
Below are the general loan guidelines published on the Counselpro Lending website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: $1,000,000 - $50,000,000
Available Rates: N/A
Typical Terms: Up to 24 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 2 WeeksFix and Flip Loans
Loan Amounts: $1,000,000 - $50,000,000
Available Rates: N/A
Typical Terms: Up to 24 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 2 WeeksCommercial Hard Money Loans
Loan Amounts: $1,000,000 - $50,000,000
Available Rates: N/A
Typical Terms: Up to 24 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 2 WeeksRefinance / Cash Out Loans
Loan Amounts: $1,000,000 - $50,000,000
Available Rates: N/A
Typical Terms: Up to 24 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 2 WeeksBridge Loans
Loan Amounts: $1,000,000 - $50,000,000
Available Rates: N/A
Typical Terms: Up to 24 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 2 Weeks -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Counselpro Lending.
Loan Example 1
Sam takes a private money loan from Counselpro Lending in order to rehab a house to flip in Brooklyn, NY. The sales price of the property is $160,000. The terms of the deal include a 65% loan-to-value (LTV), so he must bring 35% of the price as cash to closing, which makes the principle note amount $104,000. The loan also has the following features: 1) a 18 month length, 2) a 14% interest only note, and 3) a five point origination charge.
By the terms of the deal, Sam will have to contribute a $5,200 origination fee in addition to 35% of the sales price, or $56,000, based on the 65% LTV. The monthly interest only payments will then total $1,213 to the lender. If Sam achieves his goal of a $224,000 total sales price when the loan term expires, he would pocket a gross profit of $36,960 after re-paying the principle and deducting the money he paid at closing, the origination fee, and the total interest payments.
Loan Example 2
Bill is a real estate investor in Brooklyn, NY. He buys an older townhouse for a remodeling project and takes a private money loan from Counselpro Lending with the following paramters:
a) A $280,000 sales price, b) a 50% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 3% origination fee.
Once the renovation project is completed, if Bill sells the house for $350,000, the numbers would be the following:
$350,000 sales price
- $140,000 principle on note (50% LTV)
- $140,000 cash paid at closing (50% on 50% LTV)
- $4,200 origination fee (3% of the $140,000 principle)
- $5,600 interest payments (6 months x 8% interest)
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= $60,200 total profit (does not include taxes or renovation costs) -
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