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About Eastland Mortgage
Eastland Mortgage is a private lender who provides loans all throughout the country. They provide loans for many different situations, including hard money bridge loans and commercial hard money loans. They offer loans on most property types, including multi family, apartments, offices, retail units, mixed use buildings, and industrial facilities.
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Loan Types Offered: Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Multi Family, Apartment, Office, Retail, Mixed Use, Industrial
Areas Served: National
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Lending Guidelines for Eastland Mortgage
Below are the general loan guidelines published on the Eastland Mortgage website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
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: N/ABridge Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
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: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Eastland Mortgage.
Loan Example 1
To accommodate his growing business, Ben decides to acquire a new office space. After being turned down for commercial mortgage from his credit union, he applies for a commercial private money loan from Eastland Mortgage. The property is listed for $210,000. Based on a 60% loan-to-value (LTV) stipulated by the lender, the principle will be $126,000. The additional $84,000 will be be paid by Ben. The parameters of the deal include a 12 month length, a 9% rate of interest, and a 5 origination fee paid by Ben when the transaction closes. Under the terms of this deal, Ben will pay an origination fee of $6,300 when the deal is closed. He will also begin making payments of $945 per month for the duration of the note and will pay back the principle amount at the end of the 12 month term. If he decides to pay back the note early, he can do so without an additional expense because there is not a pre-payment penalty associated with the deal.
Loan Example 2
Eastland Mortgage makes a bridge loan to Wesley for a remodeling project in Salt Lake City, UT. The deal includes the following:
a) A $150,000 sales price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 2% origination fee.
Wesley intends to sell the house at the end of the term for $217,500. If he succeeds, the outcome would be the following:
$217,500 sales price
- $120,000 note principle (80% LTV)
- $30,000 cash paid at closing (20% on 80% LTV)
- $2,400 origination points (2% of the $120,000 principle amount)
- $6,600 total interest paid (6 months x 11% interest)
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= $58,500 total profit (does not include taxes or rehab costs) -
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