Elite Factoring

About Elite Factoring

Based in St Louis, MO, Elite Factoring is an asset-based lender offering funding across the country. They offer lending solutions for a variety of situations and needs, including commercial loans and fix-and-flip hard money loans. They provide loan amounts ranging from $100,000 to $5,000,000 with a maximum LTV of 75% and terms between 36 months and 300 months. They will lend funds to any borrower based on the value of the property but also require a minimum credit score of 630. They will make loans on various property types, including single family units, multi family residences, apartment buildings, office buildings, mixed use buildings, retail spaces, warehouses, storage buildings, and industrial facilities.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial

Areas Served: National

Lending Guidelines for Elite Factoring

Below are the general loan guidelines published on the Elite Factoring 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 Elite Factoring.

Loan Example 1

Seth finds a condo in Orlando, FL to renovate and sell. Since he does not have enough cash available to purchase the $240,000 project outright, he decides to take out a fix and flip loan from Elite Factoring. The lender agrees to write a loan with a 55% loan to value (LTV) so they will extend $132,000 on the house. The parameters of the deal dictate a 8% note for 6 months. They also stipulate a 5 point origination fee, that will also be paid when the property closes.

On top of the $6,600 origination fee, Seth will also need to fund $108,000 of the purchase with his own money, or 45% of the sales price. Once the loan is closed and Seth takes the project, he will need to begin making monthly payments of $880 to Elite Factoring ($132,000 principle x 8% / 12 months). If Seth achieves his goal of a $348,000 sales price when the loan expires, he would collect a gross profit of $96,120 after repaying the principle and deducting the cash he paid at closing, the origination fee, and the total monthly interest payments.

Loan Example 2

Lenora is a real estate investor in Baton Rouge, LA. She locates a run-down property for a remodeling project and obtains a private money loan from Elite Factoring with the following paramters:

$180,000 purchase price
65% loan to value (LTV)
6 month term
8% rate of interest
4% origination fee

Lenora plans to sell the property when the note expires for $261,000. If she achieves this goal, the deal numbers will be as follows:

$261,000 sales price
- $117,000 note principle (65% LTV)
- $63,000 cash paid at closing (35% on 65% LTV)
- $4,680 origination fee (4% of the $117,000 principle amount)
- $4,680 total interest paid (6 months x 8% interest)
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= $71,640 gross profit (doesn't include taxes or renovation costs)

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