IGR Mortgage Services

About IGR Mortgage Services

IGR Mortgage Services is hard money lender based in Lake Oswego, OR. They provide funding throughout Portland. They offer loans for a variety of needs and situations, including commercial loans, refinancing, fix-and-flip loans, and bridge loans. Their loan guidelines are flexible, including terms between 6 months and 36 months, rates ranging between 8% and 14%, and loans with a maximum LTV of 70%. They provide loans on the following types of properties: single family units, multi-family units, retail spaces, mixed use, senior living communities, storage buildings, and industrial facilities.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Retail, Mixed Use, Assisted Living, Storage, Industrial

Areas Served: Portland

Lending Guidelines for IGR Mortgage Services

Below are the general loan guidelines published on the IGR Mortgage 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 IGR Mortgage Services.

Loan Example 1

Amelia closes on a $250,000 renovation project in Portland, OR, using a fix and flip loan from IGR Mortgage Services. The loan-to-value (LTV) on the note is 85%. This means Amelia will bring 15% of the purchase price to closing and the principle will be $212,500 on the loan. The parameters of the loan also include a three point origination fee which will be paid at closing and a 12 month, interest only note with a 10% rate of interest.

Accordingly, Amelia will be required to contribute a $37,500 down payment in addition to paying a $6,375 origination fee. she will then pay $1,771 monthly to IGR Mortgage Services. At the expiration of the note, she sells the renovated house for $337,500. After deducting the $21,250 in interest expenses ($1,771 times 12 months), the $6,375 origination fee, the $212,500 principle on the note, and the $37,500 she brought to closing, she will make a gross profit of $59,875 ($337,500 sales price minus $277,625 in total costs). This amount would be reduced by any rehab costs paid out of pocket.

Loan Example 2

Eddie takes a fix and flip loan from IGR Mortgage Services in order to rehab a townhome to re-sell in Portland, OR. The deal has the following terms:

$360,000 purchase price
75% loan-to-value (LTV)
6 month term
11% interest rate
5% origination fee

If Eddie accomplishes his goal of a $522,000 sales price, the outcome of the deal will be as follows:

$522,000 sales price
- $270,000 principle (75% LTV)
- $90,000 cash paid at closing (25% on 75% LTV)
- $13,500 origination points (5% of the $270,000 principle)
- $14,850 total interest paid (6 months x 11% interest)
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= $133,650 gross profit (does not include taxes or rehab costs)

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