Legacy Capital
921A North Bethlehem Pike Unit 2
Ambler, PA 19002
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About Legacy Capital
Legacy Capital is an Ambler, PA based private money lender. They offer funding in Pennsylvania. They provide lending solutions for many different situations, including loans for rental properties and short term fix and flip loans. Their lending guidelines are versatile, including terms between 3 months and 1 year and loan amounts starting at $40,000. They will consider various loan scenarios but generally focus on single family residences and multi-family.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: PA
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Lending Guidelines for Legacy Capital
Below are the general loan guidelines published on the Legacy Capital website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: $40,000 and up
Available Rates: N/A
Typical Terms: 3 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: 2 - 4 WeeksFix and Flip Loans
Loan Amounts: $40,000 and up
Available Rates: N/A
Typical Terms: 3 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: 2 - 4 Weeks -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Legacy Capital.
Loan Example 1
Darren finds a duplex in Philadelphia, PA to rehab and sell. Since he does not have enough cash on-hand to purchase the $290,000 project outright, he decides to take out a private money loan from Legacy Capital. The loan to value (LTV) on the loan is 80%. This means Darren will bring 20% of the purchase price to the closing and the principle amount will be $232,000 on the deal. The terms of the deal also stipulate a four percent origination fee which is to be paid at the closing and a 18 month, interest-only note with a 9% rate of interest.
In addition to paying the $9,280 origination fee, Darren will also need to fund $58,000 of the purchase with his own money, or 20% of the purchase price. After the deal is executed and Darren takes over the property, he will begin making monthly payments of $1,740 to Legacy Capital ($232,000 principle x 9% / 12 months). Darren's intention is to complete the rehab within the 18 months and sell it for $435,000. If he succeeds he will earn a gross profit of $104,400 ($435,000 price - $232,000 principle amount - $58,000 funds brough to closing - $9,280 origination fee - $31,320 in total interest.
Loan Example 2
Rafael is a real estate investor in Philadelphia, PA. He locates an older property for a remodeling project and takes out a hard money loan from Legacy Capital with the following terms:
$280,000 sales price
70% loan-to-value (LTV)
12 month term
8% interest rate
2% origination feeBased on a $364,000 sales price at the end of the 12 month term, the final numbers for the deal would look like the following:
$364,000 sales price
- $196,000 loan principle (70% LTV)
- $84,000 cash paid at closing (30% on 70% LTV)
- $3,920 origination fee (2% of the $196,000 principle amount)
- $15,680 total interest paid (12 months x 8% interest)
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= $64,400 total profit (doesn't include taxes or rehab costs) -
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