Hopkins Financial Services

About Hopkins Financial Services

Hopkins Financial Services is private lender based in Meridian, ID. They provide loans in Idaho. They provide loans for many different situations, including fix and flip loans and long term rental property loans. They provide rates ranging between 8.75% and 15%, terms between 10 years and 25 years, and loan amounts ranging from $40,000 to $1,000,000 with a maximum LTV of 80%. They do not require a minimum credit score to obtain a loan. They will consider various loan scenarios but generally focus on single family residences, multi family, and apartment buildings.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans

Property Types Covered: Single Family, Multi Family, Apartment

Areas Served: ID

Licenses: NMLS# 2631, RE-LIC# CO12414

Lending Guidelines for Hopkins Financial Services

Below are the general loan guidelines published on the Hopkins Financial Services 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 Hopkins Financial Services.

Loan Example 1

Hopkins Financial Services makes a hard money loan to Angel for a rehab project in Boise, ID, on a house that is listed for $350,000. The lender agrees to make a loan with a 80% loan-to-value (LTV) so they will loan $280,000 on the project. The parameters of the loan also stipulate a three percent origination fee that will be paid at the closing and a 6 month, interest only note with a 11% interest rate.

According to the terms of the deal, Angel will have to contribute a $8,400 origination fee in addition to 20% of the purchase price, or $70,000, since there is a 80% LTV. The monthly interest only payments will then be $2,567 to Hopkins Financial Services. If Angel sells the renovated project for $455,000 at the end of the 6 month term, his gross profit (not including renovation expenses) would be $81,200. This is calculated by taking the purchase price ($455,000) and subtracting the original note amount ($280,000), the origination cost ($8,400), the cash he contributed to closing ($70,000), and the total interest payments ($15,400).

Loan Example 2

Lara is a real estate investor in Boise, ID. She buys an older property for a rehab project and obtains a hard money loan from Hopkins Financial Services with the following paramters:

$360,000 sales price
85% loan-to-value (LTV)
12 month term
10% interest rate
2% origination fee

Lara plans to sell the project at the end of the term for $468,000. If she succeeds, the outcome will be as follows:

$468,000 sales price
- $306,000 note principle (85% LTV)
- $54,000 cash paid at closing (15% on 85% LTV)
- $6,120 origination fee (2% of the $306,000 principle)
- $30,600 interest payments (12 months x 10% interest)
-----------------------
= $71,280 total profit (does not include taxes or rehab costs)

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