Green Knight Funding

About Green Knight Funding

Based in Salem, MA, Green Knight Funding is a hard money lender offering funding throughout Massachusetts, New Hampshire, Connecticut, Vermont, Rhode Island, Maine, and Florida. They offer lending solutions for a variety of situations and needs, including fix and flip loans, builder loans, short term loans, and commercial hard money loans. They offer loans with a maximum LTV of 60% and rates starting at 8% . The focus of their lending is on single family residences and multi family residences.

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

Property Types Covered: Single Family, Multi Family

Areas Served: MA, NH, CT, VT, RI, ME, FL

Lending Guidelines for Green Knight Funding

Below are the general loan guidelines published on the Green Knight 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 Green Knight Funding.

Loan Example 1

Katherine finds a property in Miami, FL to rehab and re-sell. Since she doesn't have enough cash to acquire the $260,000 property outright, she takes out a private money loan from Green Knight Funding. The lender agrees to issue a note with a 80% loan to value (LTV) so they will loan $208,000 on the house. The loan also consists of these features: 1) a 6 month term, 2) a 9% interest-only note, and 3) a four percent origination charge.

Accordingly, Katherine will have to make a $52,000 down payment plus pay a $8,320 origination fee. After the loan is closed and Katherine takes over the project, she will begin making monthly payments of $1,560 to the lender ($208,000 principle x 9% / 12 months). Katherine's intention is to finish the remodel within the 6 months and re-sell it for $338,000. If she succeeds she will collect a gross profit of $60,320 ($338,000 price - $208,000 principle - $52,000 funds brough to closing - $8,320 origination fee - $9,360 in total interest paid.

Loan Example 2

Ken takes out a loan from Green Knight Funding so he can remodel a property to flip in Miami, FL. The loan has the following terms:

$280,000 sales price
75% loan-to-value (LTV)
12 month term
11% interest rate
3% origination fee

After the renovation project is complete, if Ken sells the house for $420,000, the numbers would be as follows:

$420,000 sales price
- $210,000 note principle (75% LTV)
- $70,000 cash paid at closing (25% on 75% LTV)
- $6,300 origination points (3% of the $210,000 principle)
- $23,100 total interest paid (12 months x 11% interest)
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= $110,600 gross profit (does not include taxes or renovation costs)

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