Larry The Lender

About Larry The Lender

Larry The Lender is private money lender headquartered in Houston, TX. They offer loans throughout Houston and Austin. They provide hard money loans for commercial properties, rental property loans, cash out hard money loans, and fix-and-flip loans. They provide terms between 6 months and 1 year, loan amounts ranging from $5,000 to $2,000,000 with a maximum LTV of 90%, and rates ranging from 13%. They provide loans on all the following types of properties: single family units, multi family, apartment buildings, office units, retail storefronts, hotels and motels, storage buildings, senior living facilities, mixed use buildings, raw land, churches, warehouse spaces, industrial buildings, and medical offices.

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

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Land, Church, Warehouse, Industrial, Medical

Areas Served: Houston, Austin

Lending Guidelines for Larry The Lender

Below are the general loan guidelines published on the Larry The Lender 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 Larry The Lender.

Loan Example 1

Fay finds a townhouse in Houston, TX to rehab and resell. Since she does not have enough cash on-hand to acquire the $350,000 house outright, she decides to take out a fix-and-flip loan from Larry The Lender. The loan-to-value (LTV) on the note is 70%. This means that Fay will have to bring 30% of the purchase price to the closing and the principle will be $245,000 on the loan. The loan is interest only, with monthly payments, and is for 6 months at 13% interest with 2 points to be paid at closing.

The borrower must fund a total of $32,400 upon closing to cover the $105,000 down payment in addition to the $4,900 origination fee. After the loan is executed and Fay takes over the property, she will have to begin making monthly payments of $2,654 to the lender ($245,000 principle x 13% / 12 months). If Fay sells the renovated project for $455,000 at the end of the 6 month term, her gross profit (not accounting for renovation costs) would be $84,175. This is computed by taking the purchase price ($455,000) and subtracting the original principle ($245,000), the origination fee ($4,900), the cash she contributed to closing ($105,000), and the total interest expenses ($15,925).

Loan Example 2

Jordan is a real estate investor in Houston, TX. He buys a run-down property for a rehab project and takes a hard money loan from Larry The Lender with the following terms:

a) A $230,000 purchase price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 5% origination fee.

If Jordan achieves his goal of a $310,500 sales price, the final numbers of the deal would be the following:

$310,500 sales price
- $115,000 note principle (50% LTV)
- $115,000 down payment (50% on 50% LTV)
- $5,750 origination points (5% of the $115,000 principle amount)
- $20,700 interest payments (18 months x 12% interest)
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= $54,050 total profit (doesn't include taxes or renovation costs)

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