McMillen Capital, LLC

About McMillen Capital, LLC

McMillen Capital, LLC is an Orange, CA based private lender offering loans throughout Southern California. They offer lending solutions for a variety of situations, including short term loans, hard money loans for commercial properties, and fix-and-flip loans. They provide terms starting at 3 months and loans with a maximum LTV of 76%. Their loan parameters do not require a minimum FICO rating. They will make loans on most types of properties, including single family units, multi-family, apartment buildings, offices, retail storefronts, hotels and motels, storage buildings, assisted living communities, mixed use buildings, warehouse spaces, industrial facilities, and medical buildings.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, Bridge Loans

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

Areas Served: Southern California

Licenses: CFL License #603J320

Lending Guidelines for McMillen Capital, LLC

Below are the general loan guidelines published on the McMillen Capital, LLC 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 McMillen Capital, LLC.

Loan Example 1

McMillen Capital, LLC issues a fix-and-flip loan to Christie for a rehab project in Acton, CA, on a house that costs $200,000. The loan to value (LTV) on the note is 65%. This means Christie will have to bring 35% of the sales price to the closing and the principle will be $130,000 on the loan. The parameters of the loan dictate a 11% note for 12 months. They also require a 2 point origination fee, that will also be paid upon closing.

The borrower will have to contribute a total of $32,400 upon closing to pay the $70,000 down payment plus the $2,600 origination fee. The monthly interest only payments will then total $1,192 to the lender. If she sells the rehabed project for $280,000 at the end of the 12 month term, her total profit (not accounting for remodeling expenses) would be $63,100. This is calculated by taking the purchase price ($280,000) and subtracting the original principle ($130,000), the origination cost ($2,600), the money she brought to closing ($70,000), and the total interest expenses ($14,300).

Loan Example 2

Gilbert is a real estate investor in Acton, CA. He finds an older property for a renovation project and obtains a private money loan from McMillen Capital, LLC with the following terms:

$150,000 purchase price
75% loan-to-value (LTV)
12 month term
12% rate of interest
5% origination fee

Once the renovation project is complete, if Gilbert sells the project for $217,500, the outcome would be as follows:

$217,500 sales price
- $112,500 principle (75% LTV)
- $37,500 cash paid at closing (25% on 75% LTV)
- $5,625 origination points (5% of the $112,500 principle)
- $13,500 interest payments (12 months x 12% interest)
-----------------------
= $48,375 gross profit (does not include taxes or rehab costs)

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