Hyak Financial

About Hyak Financial

Hyak Financial is a Bellingham, WA based private money lender who offers funding throughout Seattle. Their focus is primarily on commercial loans. They offer loans on all the following property types: multi family, retail units, office buildings, apartments, industrial buildings, storage buildings, and warehouses.

Loan Types Offered: Commercial Hard Money Loans

Property Types Covered: Multi Family, Retail, Office, Apartment, Industrial, Storage, Warehouse

Areas Served: Seattle

Lending Guidelines for Hyak Financial

Below are the general loan guidelines published on the Hyak Financial 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 Hyak Financial.

Loan Example 1

Hyak Financial issues a private money loan to Jodie for the acquisition of a new retail space after she is denied a standard loan by her credit union due to a low FICO score. Because the borrower and lender agree on a 55% loan to value (LTV), Jodie will fund $135,000 at closing and the principle will be $165,000 since the price of the building is $300,000. In addition, the lender will charge a 3 percent origination fee in addition to the 8%, 18 month term on the note. They agree to not charge a pre-payment penalty in case Jodie pays off the note before expiration. By the terms of this loan, Jodie will have to pay an origination charge of $4,950 at the close (3% x $165,000 principle amount) and will then begin making payments of $1,100 per month ($165,000 principle amount x 8% interest / 12 months per year). she will also make a balloon payment of the $165,000 principle amount upon expiration of the loan, or sooner if she chooses.

Loan Example 2

Nathan is a an investor in Seattle, WA. He finds a run-down property for a remodeling project and takes a private money loan from Hyak Financial with the following terms:

$160,000 purchase price
75% loan to value (LTV)
12 month term
10% rate of interest
3% origination fee

After the rehab project is finished, if Nathan sells the house for $200,000, the numbers would be the following:

$200,000 sales price
- $120,000 loan principle (75% LTV)
- $40,000 down payment (25% on 75% LTV)
- $3,600 origination points (3% of the $120,000 principle)
- $12,000 interest payments (12 months x 10% interest)
-----------------------
= $24,400 gross profit (doesn't include taxes or rehab costs)

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