Great Central Mortgage Acceptance Co

About Great Central Mortgage Acceptance Co

Great Central Mortgage Acceptance Co is hard money lender based in San Antonio, TX. They provide loans in Dallas, Houston, Austin, San Antonio, and Corpus Christi. They provide private commercial loans, buy and hold loans, and fix-and-flip loans. They provide rates ranging between 10.5% and 12.5%, terms between 6 months and 20 years, and loan amounts ranging from $50,000 to $2,500,000 with a maximum LTV of 65%. They do not require a minimum FICO score to receive a loan. They make loans on various property types, including single family units, multi-family units, office buildings, retail storefronts, undeveloped land, and industrial facilities.

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

Property Types Covered: Single Family, Multi Family, Office, Retail, Land, Industrial

Areas Served: Dallas, Houston, Austin, San Antonio, Corpus Christi

Lending Guidelines for Great Central Mortgage Acceptance Co

Below are the general loan guidelines published on the Great Central Mortgage Acceptance Co 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 Great Central Mortgage Acceptance Co.

Loan Example 1

Great Central Mortgage Acceptance Co issues a private money loan to Cathy for a renovation project in Dallas, TX, on a house that is listed for $200,000. The terms of the deal include a 65% loan to value (LTV), so she must bring 35% of the price as cash at closing, which makes the principle note amount $130,000. The deal also includes these features: 1) a 12 month length, 2) a 11% interest-only note, and 3) a one point origination charge.

Cathy will have to bring $70,000 to the closing (35% on the 65% loan-to-value), plus she will need to pay the $1,300 origination fee. Great Central Mortgage Acceptance Co will collect $1,192 in monthly interest payments from the borrower. This is calculated by taking the full note value of $130,000, multiplying by the 11% rate of interest, and then dividing that number by 12. Cathy's plan is to complete the remodel by the end of the 12 months and re-sell it for $260,000. If she succeeds she will collect a gross profit of $44,400 ($260,000 price - $130,000 principle amount - $70,000 down payment - $1,300 origination fee - $14,300 in total interest payments.

Loan Example 2

Barry takes out a fix and flip loan from Great Central Mortgage Acceptance Co so he can remodel a townhome to re-sell in Dallas, TX. The loan has the following terms:

$170,000 sales price
60% loan to value (LTV)
6 month term
9% rate of interest
1% origination fee

Once the rehab project is completed, if Barry sells the project for $204,000, the numbers would be as follows:

$204,000 sales price
- $102,000 principle on note (60% LTV)
- $68,000 down payment (40% on 60% LTV)
- $1,020 origination points (1% of the $102,000 principle)
- $4,590 total interest paid (6 months x 9% interest)
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= $28,390 total profit (doesn't include taxes or renovation costs)

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