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About Jet Lending
Jet Lending is a private lender based in Houston, TX providing loans throughout Houston. They offer loans for many different scenarios, including loans for rental properties and fix-and-flip hard money loans. Their lending parameters are versatile, including loans with a maximum LTV of 70%, rates ranging between 9.9% and 14.9%, and terms between 3 months and 12 months. Their loan parameters do not require a minimum credit score. They primarily offer loans on single family residences and multi-family units.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Houston
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Lending Guidelines for Jet Lending
Below are the general loan guidelines published on the Jet Lending website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: N/A
Available Rates: 9.9% - 14.9%
Typical Terms: 3 months - 12 months
Points Charged: 2% - 5%
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/AFix and Flip Loans
Loan Amounts: N/A
Available Rates: 9.9% - 14.9%
Typical Terms: 3 months - 12 months
Points Charged: 2% - 5%
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Jet Lending.
Loan Example 1
Christopher finds a townhouse in Houston, TX to renovate and resell. Since he does not have enough cash on-hand to acquire the $250,000 property outright, he decides to take out a fix and flip loan from Jet Lending. The loan to value (LTV) on the deal is 70%. This means Christopher will have to bring 30% of the purchase price to the closing and the principle will be $175,000 on the note. The terms of the note also stipulate a two percent origination fee which is to be paid at the closing and a 18 month, interest-only note with a 8% interest rate.
Therefore, the borrower will need to contribute a $75,000 down payment plus pay a $3,500 origination fee. The monthly interest only payments will then be $1,167 to the lender. If Christopher accomplishes his goal of a $375,000 total sales price at the end of the loan term, he would make a gross profit of $100,500 after re-paying the principle amount and subtracting the cash he contributed at closing, the origination fee, and the monthly interest payments.
Loan Example 2
Todd is a real estate investor in Houston, TX. He finds a run-down property for a renovation project and takes out a fix and flip loan from Jet Lending with the following features:
a) A $180,000 sales price, b) a 65% loan-to-value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 1% origination fee.
Assuming a $243,000 sales price at the end of the 12 month term, the final numbers for this project would look like the following:
$243,000 sales price
- $117,000 principle (65% LTV)
- $63,000 down payment (35% on 65% LTV)
- $1,170 origination points (1% of the $117,000 principle amount)
- $12,870 interest payments (12 months x 11% interest)
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= $48,960 gross profit (doesn't include taxes or renovation costs) -
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