Money Source of America

About Money Source of America

Money Source of America is a Jacksonville, FL based private lender. They provide funding throughout the United States. They offer long term rental property loans, fix-and-flip loans, cash out hard money loans, ground-up construction loans, hard money bridge loans, and commercial hard money loans. They provide loan amounts ranging from $50,000 to $2,500,000 with a maximum LTV of 80%, rates starting at 7.99% , and terms between 6 months and 1 year. They are able to lend money to any borrower based on the property value and not on a minimum credit score. They make loans on various property types, including single family, multi family, offices, retail storefronts, industrial facilities, and mixed use spaces.

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, Office, Retail, Industrial, Mixed Use

Areas Served: National

Lending Guidelines for Money Source of America

Below are the general loan guidelines published on the Money Source of America 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 Money Source of America.

Loan Example 1

Milton finds a townhouse in Knoxville, TN to renovate and resell. Since he does not have enough cash on-hand to acquire the $320,000 project outright, he decides to take out a hard money loan from Money Source of America. Because the lender agrees to a 80% loan to value, Milton will be required to put 20% down so the amount of the note will be $256,000. The terms of the loan dictate a 13% note for 12 months. They also require a 4 point origination fee, which will also be paid at closing.

Milton will have to contribute a total of $32,400 upon closing to pay the $64,000 down payment in addition to the $10,240 origination fee. he will then pay $2,773 monthly to Money Source of America. Assuming Milton sells the renovated project for $400,000 at the end of the 12 month term, his gross profit (not accounting for renovation expenses) would be $36,480. This is computed by taking the sales price ($400,000) and subtracting the principle ($256,000), the origination fee ($10,240), the cash he brought to closing ($64,000), and the total interest payments ($33,280).

Loan Example 2

Barry is a an investor in Staten Island, NY. He finds a run-down townhouse for a rehab project and obtains a fix and flip loan from Money Source of America with the following features:

a) A $320,000 sales price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.

After the rehab project is complete, if Barry sells the property for $416,000, the numbers would be the following:

$416,000 sales price
- $256,000 principle (80% LTV)
- $64,000 cash paid at closing (20% on 80% LTV)
- $10,240 origination fee (4% of the $256,000 principle)
- $23,040 total interest paid (12 months x 9% interest)
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= $62,720 total profit (doesn't include taxes or renovation costs)