iCommercial Lending Group
1250 PITTSFORD VICTOR RD
Pittsford, NY 14534
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About iCommercial Lending Group
iCommercial Lending Group is hard money lender headquartered in Pittsford, NY. They offer funding in Rochester. They provide loans for many different scenarios, including bridge loans and hard money loans for commercial properties. Their lending parameters are flexible, including loans with a maximum LTV of 80% and rates ranging between 9% and 14%. They offer loans on the following property types: multi-family, apartments, offices, mixed use buildings, retail spaces, warehouses, storage facilities, and industrial buildings.
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Loan Types Offered: Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial
Areas Served: Rochester
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Lending Guidelines for iCommercial Lending Group
Below are the general loan guidelines published on the iCommercial Lending Group website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money Loans
Loan Amounts: N/A
Available Rates: 9% - 14%
Typical Terms: N/A
Points Charged: 1% - 4%
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: N/A
Available Rates: 9% - 14%
Typical Terms: N/A
Points Charged: 1% - 4%
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by iCommercial Lending Group.
Loan Example 1
In order to buy a new retail space for her growing business, Jolene looks to iCommercial Lending Group to fund her purchase with a commercial hard money loan since she is not able to obtain a conventional mortgage loan from a bank. The price of the new property is $330,000 and the lender agrees to contribute 85% of the purchase price (the loan-to-value / "LTV"), or $280,500. The remaining $49,500 will be funded by the borrower when the loan closes. The loan also dictates a 12 month length, a 8% rate of interest, interest only payments paid monthly with a balloon payment when the note expires (without a pre-payment penalty), and a 5 point origination fee. By the terms of the loan, Jolene will be required to pay an origination fee of $14,025 at closing (5% x $280,500 principle) and will then begin making payments of $1,870 per month ($280,500 principle x 8% interest / 12 months per year). Finally, she will make a balloon payment of the $280,500 principle when the loan expires, or sooner if she chooses to pay off early.
Loan Example 2
Troy locates a townhouse in Rochester, NY to renovate and sell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from iCommercial Lending Group with the following parameters:
$200,000 sales price
55% loan to value (LTV)
18 month term
8% rate of interest
1% origination feeOnce the rehab project is completed, if Troy sells the house for $240,000, the final numbers would be as follows:
$240,000 sales price
- $110,000 principle (55% LTV)
- $90,000 cash paid at closing (45% on 55% LTV)
- $1,100 origination fee (1% of the $110,000 principle amount)
- $13,200 interest payments (18 months x 8% interest)
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= $25,700 gross profit (doesn't include taxes or rehab costs) -
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