Foxpoint Lending

About Foxpoint Lending

Foxpoint Lending is an asset-based lender in Providence, RI providing loans throughout New York, Rhode Island, Connecticut, Massachusetts, New Hampshire, Vermont, and Maine. They offer private commercial loans, investment property loans, and fix-and-flip loans. They issue loans with a maximum LTV of 75% and terms between 12 months and 24 months. They do not require borrowers to have a minimum FICO rating to obtain a loan. They offer loans on most property types, including single family units, multi family residences, apartment buildings, office buildings, retail storefronts, hotels and motels, storage facilities, senior facilities, mixed use spaces, warehouse spaces, industrial buildings, and medical buildings.

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

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

Areas Served: NY, RI, CT, MA, NH, VT, ME

Lending Guidelines for Foxpoint Lending

Below are the general loan guidelines published on the Foxpoint Lending 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 Foxpoint Lending.

Loan Example 1

Lucia closes on a $260,000 rehab project in Brooklyn, NY, using a hard money loan from Foxpoint Lending. The loan-to-value (LTV) on the loan is 70%. This means Lucia will bring 30% of the purchase price to closing and the principle amount will be $182,000 on the note. The rate on the loan is 9% for a term of 6 months and the company requires a three point origination fee at the close. The interest is to be paid on a monthly basis and the principle amount will be paid back after the property sells.

In accordance with the terms of the loan, Lucia will have to contribute a $5,460 origination fee in addition to 30% of the purchase price, or $78,000, since there is a 70% LTV. she must then pay $1,365 per month to Foxpoint Lending. Lucia's intention is to complete the remodel within the 6 months and sell it for $351,000. If she succeeds she will earn a profit of $77,350 ($351,000 price - $182,000 principle amount - $78,000 funds brough to closing - $5,460 origination points - $8,190 in total interest.

Loan Example 2

Juan is a real estate investor in Brooklyn, NY. He purchases a run-down house for a remodeling project and obtains a private money loan from Foxpoint Lending with the following terms:

$220,000 sales price
70% loan-to-value (LTV)
6 month term
14% rate of interest
5% origination fee

If Juan succeeds in his goal of a $330,000 sales price, the final numbers of the deal would be the following:

$330,000 sales price
- $154,000 note principle (70% LTV)
- $66,000 down payment (30% on 70% LTV)
- $7,700 origination points (5% of the $154,000 principle)
- $10,780 total interest paid (6 months x 14% interest)
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= $91,520 total profit (does not include taxes or renovation costs)

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