Micon, Inc

About Micon, Inc

Micon, Inc is a Glendale, CA based private money lender. They offer funding throughout Southern California. They provide loans for many different needs and situations, including private commercial loans and loans for rental properties. They will make loans on all of the following types of properties: single family homes, multi-family units, apartment buildings, office buildings, retail spaces, mixed use, and industrial facilities.

Loan Types Offered: Investment Property Loans, Commercial Hard Money Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Mixed Use, Industrial

Areas Served: Southern California

Lending Guidelines for Micon, Inc

Below are the general loan guidelines published on the Micon, Inc 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 Micon, Inc.

Loan Example 1

Jessie owns a business in Acton, CA and decides to purchase a new warehouse for his operations. Since he isn't able to obtain a standard loan from a bank, he looks to Micon, Inc for a commercial private money loan. Since the lender and borrower contract to a 55% loan to value (LTV), Jessie will bring $90,000 toward the closing and the loan principle amount will be $110,000 since the list price of the new property is $200,000. The lender also lays out the following terms to the deal: 1) a 14% interest rate, 2) a 6 month length with interest-only payments to be paid monthly, 3) an origination fee of 2 percent paid by the borrower when the deal closes, and 4) no fees for pre-payment. By the parameters of this deal, Jessie will pay an origination fee of $2,200 at the closing (2% x $110,000 principle amount) and will then start making payments of $1,283 monthly ($110,000 principle amount x 14% interest / 12 months). Finally, he will make a final payment of the $110,000 principle amount upon expiration of the loan, or before if he chooses.

Loan Example 2

Micon, Inc issues a hard money loan to Enrique for a rehab project in Acton, CA. The loan dictates the following:

a) A $170,000 sales price, b) a 80% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 1% origination fee.

Assuming a $238,000 sales price at the end of the 6 month term, the outcome for this deal would look like this:

$238,000 sales price
- $136,000 note principle (80% LTV)
- $34,000 cash paid at closing (20% on 80% LTV)
- $1,360 origination points (1% of the $136,000 principle amount)
- $8,840 interest payments (6 months x 13% interest)
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= $57,800 gross profit (doesn't include taxes or renovation costs)

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