Florida Mortgage Solutions Group

About Florida Mortgage Solutions Group

Florida Mortgage Solutions Group is a Weston, FL based private money lender. They provide loans throughout South Florida. Their focus is primarily on long term rental property loans. Their lending guidelines are flexible, including terms up to 3 years. They will consider different loan requests but usually focus on single family and multi-family.

Loan Types Offered: Investment Property Loans

Property Types Covered: Single Family, Multi Family

Areas Served: South Florida

Licenses: Company NMLS ID: 289853, Mike Lewis NMLS ID: 334179

Lending Guidelines for Florida Mortgage Solutions Group

Below are the general loan guidelines published on the Florida Mortgage Solutions Group 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 Florida Mortgage Solutions Group.

Loan Example 1

Fern closes on a $240,000 renovation project in Belle Glade, FL, using a hard money loan from Florida Mortgage Solutions Group. The lender agrees to issue a note with a 70% loan-to-value (LTV) so they will extend $168,000 on the project. The terms of the note also stipulate a three point origination fee that will be paid at the closing and a 6 month, interest-only note with a 9% rate of interest.

Fern will need to fund a total of $32,400 upon closing to pay the $72,000 down payment in addition to the $5,040 origination fee. The monthly interest-only payments will then total $1,260 to the lender. At the expiration of the note, she sells the rehabed house for $348,000. After subtracting the $7,560 in interest payments ($1,260 multiplied by 6 months), the $5,040 origination fee, the $168,000 principle on the note, and the $72,000 she contributed to the closing, she will earn a gross profit of $95,400 ($348,000 price minus $252,600 in costs). This amount would then be reduced by any renovation costs paid out of pocket.

Loan Example 2

Ashlee locates a townhouse in Belle Glade, FL to remodel and resell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Florida Mortgage Solutions Group with the following parameters:

a) A $180,000 purchase price, b) a 50% loan to value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 3% origination fee.

If Ashlee accomplishes her goal of a $270,000 sales price, the outcome of the project would be the following:

$270,000 sales price
- $90,000 loan principle (50% LTV)
- $90,000 down payment (50% on 50% LTV)
- $2,700 origination points (3% of the $90,000 principle amount)
- $5,400 total interest paid (6 months x 12% interest)
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= $81,900 gross profit (doesn't include taxes or rehab costs)