Gold Quest Group
2601 N. Lamar, Suite 201
Austin, TX 78705
-
About Gold Quest Group
Gold Quest Group is private money lender based in Austin, TX. They provide loans throughout Houston. They offer loans for many different needs and situations, including fix and flip loans, hard money refinancing, and investment property loans. Their loan parameters are flexible, including terms between 6 months and 36 months and loans with a maximum LTV of 90%. The focus of their loans is for single family units and multi-family units.
Visit Website
Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Refinance / Cash Out Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Houston
Licenses: NMLS ID # 212990
-
Lending Guidelines for Gold Quest Group
Below are the general loan guidelines published on the Gold Quest Group website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: 6 months - 36 months
Points Charged: 5% - 6%
Max Loan-to-Value (LTV): 90%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 7 - 14 DaysFix and Flip Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: 6 months - 36 months
Points Charged: 5% - 6%
Max Loan-to-Value (LTV): 90%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 7 - 14 DaysRefinance / Cash Out Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: 6 months - 36 months
Points Charged: 5% - 6%
Max Loan-to-Value (LTV): 60%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 7 - 14 Days -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Gold Quest Group.
Loan Example 1
Gold Quest Group issues a fix and flip loan to Nina for a renovation project in Houston, TX, on a house that is listed for $290,000. The lender agrees to write a loan with a 55% loan-to-value (LTV) so they will extend $159,500 on the property. The parameters of the loan dictate a 11% note for 6 months. They also require a 5 point origination fee, which will also need to be paid upon closing.
In accordance with the terms of the loan, Nina will be required to contribute a $7,975 origination fee in addition to 45% of the sales price, or $130,500, since there is a 55% LTV. she must then pay $1,462 monthly to Gold Quest Group. If Nina meets her goal of a $420,500 total sales price when the loan term expires, she would pocket a gross profit of $113,753 after repaying the principle on the note and deducting the cash she brought to closing, the origination fee, and the monthly interest payments.
Loan Example 2
Erik is a real estate investor in Houston, TX. He purchases a run-down townhouse for a remodeling project and takes out a fix and flip loan from Gold Quest Group with the following features:
a) A $150,000 sales price, b) a 55% loan-to-value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 3% origination fee.
If Erik succeeds in his goal of a $187,500 sales price, the numbers of the project will be as follows:
$187,500 sales price
- $82,500 note principle (55% LTV)
- $67,500 cash paid at closing (45% on 55% LTV)
- $2,475 origination points (3% of the $82,500 principle)
- $11,550 total interest paid (12 months x 14% interest)
-----------------------
= $23,475 gross profit (doesn't include taxes or renovation costs) -
No Reviews Yet
Gold Quest Group currently has no reviews. To add a review now, click the link below:
Your Information is Processing