Goldstar Credit Corporation

About Goldstar Credit Corporation

Based in Boca Raton, FL, Goldstar Credit Corporation is a hard money lender offering funding in Florida. They offer buy and hold loans, hard money loans for commercial properties, and fix-and-flip hard money loans. Their loan parameters are versatile, including loan amounts ranging from $30,000 to $15,000,000 with a maximum LTV of 75%. They require borrowers to have a minimum FICO score of 500 to obtain a loan. They offer loans on most property types, including single family units, multi-family, apartments, office units, retail spaces, mixed use buildings, and industrial facilities.

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

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

Areas Served: FL

Licenses: NMLS # 366790

Lending Guidelines for Goldstar Credit Corporation

Below are the general loan guidelines published on the Goldstar Credit Corporation 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 Goldstar Credit Corporation.

Loan Example 1

Johnnie takes a hard money loan from Goldstar Credit Corporation in order to remodel a townhome to resale in Miami, FL. The price of the house is $310,000. The borrower will need to bring 40% of the purchase price in cash to closing based on a 60% loan-to-value stipulated by the lender. This makes the principle note from Goldstar Credit Corporation $186,000. The interest rate on the loan is 11% for a length of 6 months and the lender requires a two point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be returned after the property sells.

According to the terms of the note, Johnnie will be required to contribute a $3,720 origination fee in addition to 40% of the purchase price, or $124,000, since there is a 60% LTV. The lender will collect $1,705 in monthly interest payments from the borrower. This is calculated by taking the total loan amount of $186,000, multiplying that by the 11% interest rate, and then dividing that number by 12. If Johnnie sells the project for $403,000 after 6 months, he would then realize a total profit of $79,050 after subtracting the original principle of $186,000, the money paid at the close of $124,000, the origination fee of $3,720, and the total interest payments of $10,230. This amount does not account for building costs.

Loan Example 2

Hugh is a an investor in Miami, FL. He locates an older house for a renovation project and obtains a hard money loan from Goldstar Credit Corporation with the following features:

$230,000 purchase price
65% loan to value (LTV)
12 month term
9% rate of interest
5% origination fee

After the renovation project is completed, if Hugh sells the house for $287,500, the numbers would be the following:

$287,500 sales price
- $149,500 principle (65% LTV)
- $80,500 cash paid at closing (35% on 65% LTV)
- $7,475 origination points (5% of the $149,500 principle amount)
- $13,455 total interest paid (12 months x 9% interest)
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= $36,570 total profit (doesn't include taxes or renovation costs)

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