Omega Funding

About Omega Funding

Omega Funding is a hard money lender headquartered in Denver, CO providing funding in 8 states throughout the US. They provide hard money loans for commercial properties, short term loans, and refinancing. They provide terms between 6 months and 10 years, rates ranging between 8.99% and 18.99%, and loan amounts ranging from $250,000 to $25,000,000 with a maximum LTV of 65%. They will lend money to all borrowers based on the property value and not on a minimum FICO score. They will make loans on all the following types of properties: multi family residences, apartment buildings, office units, retail spaces, hotels/motels, storage facilities, assisted living facilities, mixed use buildings, raw land, churches, warehouse spaces, industrial facilities, and medical offices.

Loan Types Offered: Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans

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

Areas Served: TX, OK, AZ, NM, IL, GA, CO, CA

Lending Guidelines for Omega Funding

Below are the general loan guidelines published on the Omega 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 Omega Funding.

Loan Example 1

Nelson runs a business in Houston, TX and decides to purchase a new warehouse to run his operations. Because he is not able to obtain a standard loan from a bank, he looks to Omega Funding for a commercial hard money loan. Because the borrower and lender agree to a 85% loan-to-value (LTV), Nelson will pay $36,000 at closing and the loan principle will be $204,000 because the list price of the property is $240,000. The deal also includes a 12 month length, a 14% interest rate, interest only payments paid monthly with a final payment when the note expires (without a pre-payment penalty), and a 3 point origination charge. By the rules of the deal, Nelson will need to pay an origination charge of $6,120 at the close (3% x $204,000 principle) and will then begin making payments of $2,380 monthly ($204,000 principle x 14% interest / 12 months). he will also make a final payment of the $204,000 principle when the loan expires, or before if he chooses to pay off early.

Loan Example 2

Omega Funding makes a private money bridge loan to Don for a remodeling project in Houston, TX. The loan includes the following:

a) A $380,000 sales price, b) a 55% loan-to-value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 3% origination fee.

Don intends to list the house at the end of the term for $532,000. If he achieves this goal, the outcome will be the following:

$532,000 sales price
- $209,000 principle (55% LTV)
- $171,000 cash paid at closing (45% on 55% LTV)
- $6,270 origination points (3% of the $209,000 principle)
- $28,215 total interest paid (18 months x 9% interest)
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= $117,515 gross profit (does not include taxes or rehab costs)

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