Glassridge

About Glassridge

Glassridge is a Cincinnati, OH based private money lender. They offer loans throughout Cincinnati. They provide hard money refinancing, rental property loans, private commercial loans, hard money bridge loans, and fix and flip loans. Their lending guidelines are versatile, including terms between 2 years and 30 years, loan amounts starting from $70,000 with a maximum LTV of 80%, and rates ranging between 6.75% and 10%. They make loans on various types of properties, including single family units, multi-family units, apartment buildings, office units, mixed use buildings, retail units, warehouse spaces, storage buildings, and industrial facilities.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans

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

Areas Served: Cincinnati

Lending Guidelines for Glassridge

Below are the general loan guidelines published on the Glassridge 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 Glassridge.

Loan Example 1

Glassridge issues a private money loan to Alberto for a remodeling project in Cincinnati, OH, on a property that costs $230,000. Since the lender sets a 80% loan-to-value, Alberto will be required to put 20% down and the amount of the loan will be $184,000. The parameters of the loan dictate a 13% note for 12 months. They also stipulate a 4 point origination fee, which will also be paid upon closing.

Alberto will have to bring a total of $32,400 up front to pay the $46,000 down payment in addition to the $7,360 origination fee. he must then pay $1,993 per month to Glassridge. At the end of the note, he sells the rehabed property for $345,000. After subtracting the $23,920 in interest expenses ($1,993 multiplied by 12 months), the $7,360 origination fee, the $184,000 principle on the note, and the $46,000 he brought to the closing, he will make a gross profit of $83,720 ($345,000 price minus $261,280 in total costs). This amount would be reduced by any building costs paid by Alberto.

Loan Example 2

Sheena finds a duplex in Cincinnati, OH to renovate and re-sell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Glassridge with the following parameters:

$160,000 sales price
55% loan-to-value (LTV)
6 month term
10% interest rate
5% origination fee

Sheena plans to sell the house at the end of the term for $192,000. If she succeeds, the final numbers will be as follows:

$192,000 sales price
- $88,000 principle on note (55% LTV)
- $72,000 cash paid at closing (45% on 55% LTV)
- $4,400 origination points (5% of the $88,000 principle amount)
- $4,400 interest payments (6 months x 10% interest)
-----------------------
= $23,200 gross profit (does not include taxes or renovation costs)

No Reviews Yet

Glassridge currently has no reviews. To add a review now, click the link below:

Write a Review for Glassridge