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McCormick Homes and Loans

100 E Street, Suite 101

Santa Rosa, CA 95404

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  • About McCormick Homes and Loans

    McCormick Homes and Loans is private lender based in Santa Rosa, CA. They offer funding in Sonoma County. They provide loans for a variety of situations, including ground up construction loans, short term loans, fix and flip loans, commercial loans, cash out hard money loans, and rental property loans. Their lending parameters are versatile, including rates ranging between 9% and 10.5%. They do not require a minimum credit rating to receive a loan. They primarily provide loans for single family homes and multi-family units.

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

    Property Types Covered: Single Family, Multi Family

    Areas Served: Sonoma County


  • Lending Guidelines for McCormick Homes and Loans

    Below are the general loan guidelines published on the McCormick Homes and Loans website. Please confirm all terms and rates directly with the lender.

      Investment Property Loans

      Loan Amounts: N/A
      Available Rates: 9% - 10.5%
      Typical Terms: N/A
      Points Charged: N/A
      Max Loan-to-Value (LTV): N/A
      Max Loan-to-Cost (LTC): N/A
      Owner Occupied Allowed: N/A
      Interest Only Loans: N/A
      Prepayment Penalties: N/A
      Minimum FICO Score: NO
      Time to Close: N/A

      Fix and Flip Loans

      Loan Amounts: N/A
      Available Rates: 9% - 10.5%
      Typical Terms: N/A
      Points Charged: N/A
      Max Loan-to-Value (LTV): N/A
      Max Loan-to-Cost (LTC): N/A
      Owner Occupied Allowed: N/A
      Interest Only Loans: N/A
      Prepayment Penalties: N/A
      Minimum FICO Score: NO
      Time to Close: N/A

      Commercial Hard Money Loans

      Loan Amounts: N/A
      Available Rates: 9% - 10.5%
      Typical Terms: N/A
      Points Charged: N/A
      Max Loan-to-Value (LTV): N/A
      Max Loan-to-Cost (LTC): N/A
      Owner Occupied Allowed: N/A
      Interest Only Loans: N/A
      Prepayment Penalties: N/A
      Minimum FICO Score: NO
      Time to Close: N/A

      New Construction Loans

      Loan Amounts: N/A
      Available Rates: 9% - 10.5%
      Typical Terms: N/A
      Points Charged: N/A
      Max Loan-to-Value (LTV): N/A
      Max Loan-to-Cost (LTC): N/A
      Owner Occupied Allowed: N/A
      Interest Only Loans: N/A
      Prepayment Penalties: N/A
      Minimum FICO Score: NO
      Time to Close: N/A

      Refinance / Cash Out Loans

      Loan Amounts: N/A
      Available Rates: 9% - 10.5%
      Typical Terms: N/A
      Points Charged: N/A
      Max Loan-to-Value (LTV): N/A
      Max Loan-to-Cost (LTC): N/A
      Owner Occupied Allowed: N/A
      Interest Only Loans: N/A
      Prepayment Penalties: N/A
      Minimum FICO Score: NO
      Time to Close: N/A

      Bridge Loans

      Loan Amounts: N/A
      Available Rates: 9% - 10.5%
      Typical Terms: N/A
      Points Charged: N/A
      Max Loan-to-Value (LTV): N/A
      Max Loan-to-Cost (LTC): N/A
      Owner Occupied Allowed: N/A
      Interest Only Loans: N/A
      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 McCormick Homes and Loans.

    Loan Example 1

    Connie takes a fix and flip loan from McCormick Homes and Loans in order to renovate a townhome to resale in Santa Rosa, CA. The sales price of the house is $210,000. The lender agrees to issue a loan with a 70% loan-to-value (LTV) so they are willing to extend $147,000 on the property. The deal also has the following features: 1) a 18 month length, 2) a 9% interest only note, and 3) a two percent origination charge.

    Connie will have to bring $63,000 to closing (30% on the 70% loan to value), plus she will need to pay the $2,940 origination fee. she must then pay $1,103 monthly to McCormick Homes and Loans. If Connie meets her goal of a $273,000 sales price when the loan term expires, she would make a gross profit of $40,215 after re-paying the principle and subtracting the money she contributed at closing, the origination fee, and the total interest payments.

    Loan Example 2

    Troy takes out a fix and flip loan from McCormick Homes and Loans in order to rehab a townhome to resell in Santa Rosa, CA. The loan has the following parameters:

    $170,000 purchase price
    70% loan-to-value (LTV)
    12 month term
    9% interest rate
    3% origination fee

    Troy intends to sell the property when the note expires for $204,000. If he achieves this goal, the deal numbers would be the following:

    $204,000 sales price
    - $119,000 principle (70% LTV)
    - $51,000 cash paid at closing (30% on 70% LTV)
    - $3,570 origination fee (3% of the $119,000 principle)
    - $10,710 interest payments (12 months x 9% interest)
    -----------------------
    = $19,720 gross profit (does not include taxes or rehab costs)

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