iMoneyLoan

About iMoneyLoan

iMoneyLoan is a Los Angeles, CA based private lender who offers loans throughout the country. They provide private commercial loans, fix and flip loans, private refinancing, and bridge loans. Their lending guidelines are versatile, including loan amounts ranging from $250,000 to $20,000,000 with a maximum LTV of 80% and rates ranging between 6.99% and 12%. They do not require borrowers to have a minimum credit score to receive a loan. They make loans on all of the following types of properties: single family, multi family residences, apartments, office units, retail units, hotels and motels, storage buildings, senior housing communities, mixed use, warehouse buildings, industrial buildings, and medical 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, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical

Areas Served: National

Licenses: License #01468445, NMLS #344236

Lending Guidelines for iMoneyLoan

Below are the general loan guidelines published on the iMoneyLoan 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 iMoneyLoan.

Loan Example 1

John is a real estate investor in Sacramento, CA. He locates a run-down property for sale and wants to renovate it and sell it for a profit. The house costs $390,000 but he does not have the full amount so he takes a private money loan with iMoneyLoan. The loan to value (LTV) on the note is 75%. This means that John will bring 25% of the purchase price to the closing and the principle will be $292,500 on the note. The loan also includes these features: 1) a 6 month length, 2) a 13% interest-only note, and 3) a one point origination fee.

John will have to contribute $97,500 to closing (25% on the 75% loan-to-value), plus he will need to pay the $2,925 origination fee. The monthly interest-only payments will then total $3,169 to iMoneyLoan. If John sells the house for $468,000 after 6 months, he would make a gross profit of $56,063 after deducting the original principle of $292,500, the money contributed at closing of $97,500, the origination fee of $2,925, and the aggregate interest payments of $19,013. This profit does not include building costs.

Loan Example 2

Harold is a an investor in Kansas City, MO. He finds a run-down townhouse for a renovation project and obtains a hard money loan from iMoneyLoan with the following terms:

$360,000 sales price
75% loan-to-value (LTV)
6 month term
11% rate of interest
1% origination fee

Harold plans to sell the property when the note expires for $432,000. If he achieves this goal, the deal numbers will be the following:

$432,000 sales price
- $270,000 principle (75% LTV)
- $90,000 cash paid at closing (25% on 75% LTV)
- $2,700 origination points (1% of the $270,000 principle amount)
- $14,850 interest payments (6 months x 11% interest)
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= $54,450 gross profit (doesn't include taxes or renovation costs)

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