Prime Resource Capital

About Prime Resource Capital

Prime Resource Capital is a Teaneck, NJ based hard money lender. They offer funding all across the United States. They offer lending solutions for many different situations and needs, including hard money loans for commercial properties and hard money bridge loans. They offer loan amounts ranging from $100,000 to $100,000,000 and rates starting at 7.99% . They provide loans on all of the following property types: multi-family, apartments, offices, retail spaces, hotels and motels, storage buildings, senior communities, mixed use, warehouse spaces, industrial facilities, and medical offices.

Loan Types Offered: Commercial Hard Money Loans, Bridge Loans

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

Areas Served: National

Lending Guidelines for Prime Resource Capital

Below are the general loan guidelines published on the Prime Resource Capital 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 Prime Resource Capital.

Loan Example 1

Prime Source Capital issues a hard money loan to Jody for the acquisition of a new retail space after she is denied a conforming loan by her bank because she has a low credit rating. The lender contracts to a 85% loan to value (LTV) on the deal and the property costs $200,000, so they will fund $170,000 and Jody will pay the additional $30,000. The lender also stipulates the following terms of the loan: 1) a 14% interest rate, 2) a 6 month length with interest-only payments monthly, 3) an origination fee of 3 points paid by Jody when the deal closes, and 4) no pre-payment penalty. Under the parameters of the deal, Jody will need to pay an origination fee of $5,100 when the deal closes. She will also begin making payments of $1,983 monthly for the duration of the loan and will re-pay the principle amount at the expiration of the 6 month loan term. If she decides to pay back the loan earlier, she can do so without an additional cost because there is not a pre-payment penalty associated with the deal.

Loan Example 2

Kathryn is a an investor in Sacramento, CA. She buys a run-down house for a rehab project and takes out a bridge loan from Prime Source Capital with the following terms:

a) A $290,000 purchase price, b) a 70% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 2% origination fee.

Once the rehab project is complete, if Kathryn sells the property for $377,000, the final numbers would be the following:

$377,000 sales price
- $203,000 note principle (70% LTV)
- $87,000 cash paid at closing (30% on 70% LTV)
- $4,060 origination points (2% of the $203,000 principle)
- $36,540 interest payments (18 months x 12% interest)
-----------------------
= $46,400 gross profit (doesn't include taxes or rehab costs)

No Reviews Yet

Prime Resource Capital currently has no reviews. To add a review now, click the link below:

Write a Review for Prime Resource Capital