North Shore Funding

About North Shore Funding

North Shore Funding is a Syosset, NY based private lender. They provide loans across the US. They provide lending solutions for many different scenarios, including commercial hard money loans, bridge loans, and hard money construction loans. They provide rates ranging between 11% and 15% and loan amounts ranging from $150,000 to $15,000,000 with a maximum LTV of 65%. They do not require a minimum credit score to obtain a loan. They offer loans on many types of properties, including multi-family units, apartment buildings, office buildings, retail storefronts, hotels, storage buildings, and mixed use spaces.

Loan Types Offered: Commercial Hard Money Loans, New Construction Loans, Bridge Loans

Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Mixed Use

Areas Served: National

Lending Guidelines for North Shore Funding

Below are the general loan guidelines published on the North Shore Funding 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 North Shore Funding.

Loan Example 1

Toni is a small business owner in Kansas City, MO. She decides to purchase a new warehouse for her company but she is not able to obtain a conventional mortgage loan from her bank because of her subpar FICO score. She looks to North Shore Funding for a commercial private money loan in order to close the transaction. The lender agrees to a 50% loan to value (LTV) on the sale and the new building is listed for $220,000, so they will contribute $110,000 and Toni will bring the other $110,000. In addition, the lender requires a 5 percent origination fee in combination with the 9%, 12 month term on the deal. They agree to not enforce a pre-payment penalty in case Toni pays off the loan early. Toni will pay an origination fee of $5,500 and will then begin making the monthly payments in the amount of $825 ($110,000 principle amount x 9% interest / 12 months in a year). She can re-pay the note whenever she decides to since there isn't a pre-payment penalty but she is responsible for the original principle when she eliminates the loan.

Loan Example 2

Harry takes a hard money bridge loan from North Shore Funding in order to rehab a townhome to resell in Boston, MA. The deal has the following parameters:

a) A $240,000 purchase price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 3% origination fee.

If Harry succeeds in his goal of a $312,000 sales price, the outcome of the deal would be the following:

$312,000 sales price
- $120,000 principle (50% LTV)
- $120,000 cash paid at closing (50% on 50% LTV)
- $3,600 origination fee (3% of the $120,000 principle amount)
- $21,600 interest payments (18 months x 12% interest)
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= $46,800 total profit (does not include taxes or rehab costs)

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