Lend Core
822 A1A North Suite
Ponte Vedra, FL 32082
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About Lend Core
Lend Core is a Ponte Vedra, FL based hard money lender who offers funding in Florida. They provide loans for many different scenarios, including fix and flip hard money loans, bridge loans, and commercial hard money loans. Their loan guidelines are versatile, including rates starting at 12%, loan amounts ranging from $100,000 to $2,000,000 with a maximum LTV of 80%, and terms up to 12 months. Their lending guidelines do not require a minimum FICO score. They offer loans on the following property types: single family units, multi family residences, apartment buildings, office units, retail spaces, industrial buildings, and mixed use.
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Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Industrial, Mixed Use
Areas Served: FL
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Lending Guidelines for Lend Core
Below are the general loan guidelines published on the Lend Core website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan Amounts: $100,000 - $2,000,000
Available Rates: 12%
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/ACommercial Hard Money Loans
Loan Amounts: $300,000 - $2,000,000
Available Rates: 12%
Typical Terms: 6 months - 12 months
Points Charged: 4%
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: 650
Time to Close: N/ABridge Loans
Loan Amounts: $100,000 - $2,000,000
Available Rates: 12%
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
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 Lend Core.
Loan Example 1
Lend Core makes a hard money loan to June for a remodeling project in Miami, FL, on a house that is listed for $300,000. The lender agrees to write a note with a 60% loan to value (LTV) so they will extend $180,000 on the house. The rate on the loan is 8% for a term of 18 months and the company requires a three point origination fee at the close. The interest is to be paid monthly and the principle will be repaid after the property sells.
June will have to contribute $120,000 to closing (40% on the 60% loan to value), plus she will have to pay the $5,400 origination fee. The monthly interest only payments will then total $1,200 to the lender. June's plan is to complete the rehab within the 18 months and re-sell it for $390,000. If she succeeds she will make a total profit of $63,000 ($390,000 price - $180,000 principle amount - $120,000 cash at closing - $5,400 origination fee - $21,600 in total interest paid.
Loan Example 2
Judith takes out a private money loan from Lend Core so she can rehab a house to re-sell in Miami, FL. The deal has the following parameters:
a) A $160,000 purchase price, b) a 55% loan-to-value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 4% origination fee.
Judith intends to list the project at the end of the term for $240,000. If she succeeds, the outcome will be as follows:
$240,000 sales price
- $88,000 principle on note (55% LTV)
- $72,000 down payment (45% on 55% LTV)
- $3,520 origination points (4% of the $88,000 principle amount)
- $11,440 interest payments (12 months x 13% interest)
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= $65,040 total profit (does not include taxes or renovation costs) -
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