Popular Commercial Lending Group
10808 South River Front Parkway Suite 353
South Jordan, UT 84095
Are the owner of this business? Claim this listing.
-
About Popular Commercial Lending Group
Popular Commercial Lending Group is a South Jordan, UT based private money lender who provides funding throughout Salt Lake City. They offer commercial loans and short term loans. They issue rates starting at 9% , terms between 12 months and 36 months, and loan amounts ranging from $1,000,000 to $20,000,000 with a maximum LTV of 75%. They provide loans on most types of properties, including multi family residences, apartments, offices, mixed use spaces, retail spaces, warehouse spaces, storage facilities, industrial facilities, and raw land.
Visit Website
Loan Types Offered: Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial, Land
Areas Served: Salt Lake City
-
Lending Guidelines for Popular Commercial Lending Group
Below are the general loan guidelines published on the Popular Commercial Lending Group website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money Loans
Loan Amounts: $1,000,000 - $20,000,000
Available Rates: 9% and up
Typical Terms: 12 months - 36 months
Points Charged: N/A
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: $1,000,000 - $20,000,000
Available Rates: 9% and up
Typical Terms: 12 months - 36 months
Points Charged: N/A
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Popular Commercial Lending Group.
Loan Example 1
Popular Commercial Lending Group issues a private money loan to Myra for the purchase of a new commercial building after she is denied a conventional mortgage loan by her credit union because she has a low credit rating. The new building carries a price tag of $310,000. Myra will have to put 40% down, or $124,000, because the lender will only loan 60% of the purchase (the loan to value or "LTV"). This means that the principle amount on the note will be $186,000. Additionally, the lender will collect a 1 percent origination fee to go along with the 8%, 6 month term on the note. They will not enforce a pre-payment penalty in the event that Myra pays off the loan early. Myra can eliminate the loan at any time by paying off the $186,000 of principle, but she will must make $1,240 per month interest payments ($186,000 principle x 8% interest rate / 12 months per year) in the meantime, or up to the point the loan expires. Because there is not a pre-payment penalty, the only other expense she will have to pay is the $1,860 origination fee which she will contribute at the closing.
Loan Example 2
Dean locates a townhouse in Salt Lake City, UT to remodel and resell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from Popular Commercial Lending Group with the following parameters:
$220,000 purchase price
75% loan-to-value (LTV)
12 month term
10% interest rate
5% origination feeOnce the rehab project is finished, if Dean sells the property for $264,000, the outcome would be as follows:
$264,000 sales price
- $165,000 note principle (75% LTV)
- $55,000 down payment (25% on 75% LTV)
- $8,250 origination fee (5% of the $165,000 principle amount)
- $16,500 interest payments (12 months x 10% interest)
-----------------------
= $19,250 total profit (does not include taxes or rehab costs) -
No Reviews Yet
Popular Commercial Lending Group currently has no reviews. To add a review now, click the link below:
Your Information is Processing