Monroe Funding Corp

About Monroe Funding Corp

Monroe Funding Corp is a private mortgage lender focused on one-stop shopping for all real estate borrowing needs. Proudly serving homeowners and investors in Florida and Virginia providing hard money loans, commercial real estate loans and home loans since 2008.

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

Property Types Covered: Single Family, Multi Family, Apartment, Office

Areas Served: Hillsborough County, Manatee County, Sarasota County, Charlotte County, Lee County, Collier County, Monroe County, Miami-Dade County, Broward County, Palm Beach County, Martin County, Saint Lucie County, Orange County

Lending Guidelines for Monroe Funding Corp

Below are the general loan guidelines published on the Monroe Funding Corp 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 Monroe Funding Corp.

Loan Example 1

Rene is a real estate investor in Miami, FL. He finds an older property and decides to remodel it and flip it for a profit. The house has a cost of $370,000 but he does not have the full amount so he takes a fix and flip loan with Monroe Funding Group. The terms of the note include a 50% loan-to-value (LTV), so he must contribute 50% of the price as cash at closing, which makes the principle loan amount $185,000. The note is interest only, with monthly payments, and is for 12 months at 12% interest with 3 origination points paid when the deal closes.

Rene will need to bring a total of $32,400 up front to cover the $185,000 down payment in addition to the $5,550 origination fee. Once the deal closes, he will have to pay the lender $1,850 in monthly interest payments, or 12% multiplied by $185,000 divided by 12 months in the year. Rene's intention is to finish the renovation by the end of the 12 months and resell it for $518,000. If he succeeds he will earn a gross profit of $120,250 ($518,000 sales price - $185,000 principle amount - $185,000 funds brough to closing - $5,550 origination fee - $22,200 in total interest.

Loan Example 2

Monroe Funding Group makes a hard money loan to Gabriel for a rehab project in Miami, FL. The deal dictates the following:

$350,000 purchase price
80% loan to value (LTV)
18 month term
10% interest rate
2% origination fee

If Gabriel succeeds in his goal of a $507,500 sales price, the outcome of the deal would be the following:

$507,500 sales price
- $280,000 principle on note (80% LTV)
- $70,000 down payment (20% on 80% LTV)
- $5,600 origination fee (2% of the $280,000 principle amount)
- $42,000 interest payments (18 months x 10% interest)
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= $109,900 total profit (does not include taxes or rehab costs)