Jim Lackey Associates

About Jim Lackey Associates

Jim Lackey Associates is a hard money lender based in Encinitas, CA offering loans throughout Orange County and San Diego County. They offer private commercial loans, ground-up construction loans, investment property loans, and fix-and-flip loans. They issue terms between 3 months and 36 months and loans with a maximum LTV of 65%. They make loans on the following types of properties: single family, multi family, apartment buildings, office buildings, retail spaces, and mixed use spaces.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Mixed Use

Areas Served: Orange County, San Diego County

Licenses: CalBRE # 01457183, NMLS # 277266

Lending Guidelines for Jim Lackey Associates

Below are the general loan guidelines published on the Jim Lackey Associates 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 Jim Lackey Associates.

Loan Example 1

Mark takes a hard money loan from Jim Lackey Associates in order to rehab a townhouse to flip in San Diego, CA. The list price of the property is $200,000. The loan-to-value (LTV) on the deal is 65%. This means Mark will need to bring 35% of the sales price to closing and the principle amount will be $130,000 on the deal. The interest rate on the note is 10% for a length of 18 months and the lender requires a four point origination fee at the closing. The interest is to be paid monthly and the principle amount will be repaid after the property sells.

Mark will need to contribute $70,000 to the closing (35% on the 65% loan to value), plus he will need to pay the $5,200 origination fee. he must then pay $1,083 monthly to the lender. If Mark sells the property for $250,000 after 18 months, he would then earn a gross profit of $25,300 after deducting the principle of $130,000, the money contributed at the close of $70,000, the origination points of $5,200, and the total interest payments of $19,500. This amount does not include remodeling costs.

Loan Example 2

Jim Lackey Associates issues a fix and flip loan to Stanley for a renovation project in San Diego, CA. The deal includes the following:

a) A $280,000 purchase price, b) a 75% loan to value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 2% origination fee.

If Stanley achieves his goal of a $406,000 sales price, the numbers of the project would be as follows:

$406,000 sales price
- $210,000 loan principle (75% LTV)
- $70,000 down payment (25% on 75% LTV)
- $4,200 origination points (2% of the $210,000 principle)
- $10,500 interest payments (6 months x 10% interest)
-----------------------
= $111,300 total profit (does not include taxes or renovation costs)

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