Eastside Funding

About Eastside Funding

Eastside Funding is a Kirkland, WA based private money lender. They offer loans throughout Washington, Oregon, and Idaho. They offer lending solutions for a variety of situations, including commercial loans, short term loans, fix-and-flip hard money loans, construction loans, and loans for investments properties. Their loan parameters are flexible, including rates starting at 12%, loan amounts ranging from $25,000 to $2,500,000, and terms between 2 months and 9 months. They provide loans on all the following property types: single family residences, multi-family units, apartments, office units, retail units, hotels, storage facilities, senior housing facilities, mixed use spaces, warehouse buildings, industrial buildings, medical buildings, and raw land.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Bridge Loans

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

Areas Served: WA, OR, ID

Lending Guidelines for Eastside Funding

Below are the general loan guidelines published on the Eastside Funding 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 Eastside Funding.

Loan Example 1

Gregory takes a private money loan from Eastside Funding in order to renovate a house to resale in Portland, OR. The price of the property is $270,000. The terms of the deal include a 75% loan to value (LTV), so he must bring 25% of the price as cash to closing, making the principle loan amount $202,500. The parameters of the loan also include a four point origination fee that is to be paid at closing and a 18 month, interest-only note with a 9% rate of interest.

Therefore, the borrower will need to make a $67,500 down payment plus pay a $8,100 origination fee. Once the deal closes, he will pay the lender $1,519 in monthly interest fees, or 9% multiplied times $202,500 divided by 12 months in a year. Gregory's intention is to complete the remodel within the 18 months and sell it for $364,500. If he succeeds he will earn a profit of $59,063 ($364,500 price - $202,500 principle amount - $67,500 cash paid at closing - $8,100 origination fee - $27,338 in interest.

Loan Example 2

Kay takes a hard money loan from Eastside Funding in order to remodel a house to resell in Portland, OR. The loan has the following terms:

a) A $350,000 sales price, b) a 60% loan-to-value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 4% origination fee.

If Kay succeeds in her goal of a $420,000 sales price, the numbers of the deal would be the following:

$420,000 sales price
- $210,000 principle (60% LTV)
- $140,000 cash paid at closing (40% on 60% LTV)
- $8,400 origination fee (4% of the $210,000 principle)
- $34,650 interest payments (18 months x 11% interest)
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= $26,950 total profit (doesn't include taxes or renovation costs)

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