Geneva Lakes Funding

About Geneva Lakes Funding

Geneva Lakes Funding is a hard money lender based in Lake Geneva, Wisconsin. They offer loans for single family homes, multi-family homes, and commercial properties. Their rates range from 13% up to 15% with 3 - 5 points charged at closing. They can cover loans from as little as $25,000 and those as large as $3 million, with terms from 6 months up to 18 months.

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

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

Areas Served: Winnebago County, Boone County, Lake County, McHenry County, Walworth County, Rock County, Kenosha County, Racine County, Waukesha County, Dane County, Jefferson County

Lending Guidelines for Geneva Lakes Funding

Below are the general loan guidelines published on the Geneva Lakes 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 Geneva Lakes Funding.

Loan Example 1

Bradley finds a duplex in Madison, WI to remodel and resell. Since he doesn't have enough cash on-hand to buy the $190,000 house outright, he decides to take out a hard money loan from Geneva Lakes Funding. Since the lender agrees to a 75% loan to value, Bradley will need to put 25% down so the total amount of the note will be $142,500. The interest rate on the note is 13% for a term of 12 months and the company requires a five point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be paid back after the sale of the property.

On top of the $7,125 origination fee, Bradley will also have to fund $47,500 of the purchase with his own money, or 25% of the sales price. The lender will collect $1,544 in monthly interest from the borrower. This is calculated by taking the total note amount of $142,500, multiplying by the 13% interest rate, and then dividing that number by 12. If he sells the rehabed house for $285,000 at the end of the 12 month term, his gross profit (not including rehab expenses) would be $69,350. This is calculated by taking the purchase price ($285,000) and subtracting the original principle ($142,500), the origination cost ($7,125), the funds he brought to closing ($47,500), and the total interest expenses ($18,525).

Loan Example 2

Carl takes a hard money loan from Geneva Lakes Funding in order to rehab a townhome to flip in Madison, WI. The loan has the following parameters:

$160,000 purchase price
80% loan-to-value (LTV)
6 month term
13% rate of interest
5% origination fee

Once the rehab project is completed, if Carl sells the project for $200,000, the final numbers would be the following:

$200,000 sales price
- $128,000 principle on note (80% LTV)
- $32,000 cash paid at closing (20% on 80% LTV)
- $6,400 origination fee (5% of the $128,000 principle)
- $8,320 total interest paid (6 months x 13% interest)
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= $25,280 gross profit (doesn't include taxes or renovation costs)

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