Private Money Utah

About Private Money Utah

Private Money Utah is a Salt Lake City, UT based hard money lender who provides loans throughout Chicago. They provide lending solutions for many different situations, including short term fix and flip loans, construction loans, commercial hard money loans, and hard money bridge loans. They offer loan amounts ranging from $50,000 to $1,000,000 with a maximum LTV of 65%, rates ranging between 12.5% and 13%, and terms up to 1 year. They will lend money to all borrowers based on the property value and not on a minimum FICO score. They make loans on all of the following property types: single family residences, multi-family, apartment buildings, office buildings, retail storefronts, storage facilities, senior living facilities, mixed use buildings, warehouses, industrial facilities, medical offices, and raw land.

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

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

Areas Served: Chicago, UT, CA, CO, TX, AZ, NV, OR, WA, HI, GA, FL, MD, DC, NY, NJ, PA, VA

Licenses: NMLS #1685350

Lending Guidelines for Private Money Utah

Below are the general loan guidelines published on the Private Money Utah 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 Private Money Utah.

Loan Example 1

Jeri is a house flipper in Chicago, IL. She discovers a run-down property for sale and decides to remodel it and sell it for a profit. The property costs $170,000 but she doesn't have the full amount so she takes out a fix and flip loan with Private Money Utah. The lender agrees to make a note with a 75% loan to value (LTV) so they are willing to extend $127,500 on the property. The terms of the deal also include a five point origination fee that will be paid at closing and a 6 month, interest-only note with a 11% rate of interest.

Jeri will need to bring a total of $32,400 up front to cover the $42,500 down payment plus the $6,375 origination fee. The monthly interest only payments will then be $1,169 to Private Money Utah. Jeri's plan is to complete the project by the end of the 6 months and resell it for $212,500. If she succeeds she will collect a gross profit of $29,113 ($212,500 price - $127,500 principle - $42,500 cash at closing - $6,375 origination fee - $7,013 in total interest paid.

Loan Example 2

Private Money Utah issues a fix and flip loan to Lance for a rehab project in Chicago, IL. The loan includes the following:

$380,000 purchase price
70% loan-to-value (LTV)
18 month term
9% interest rate
3% origination fee

Once the rehab project is completed, if Lance sells the property for $551,000, the outcome would be as follows:

$551,000 sales price
- $266,000 principle (70% LTV)
- $114,000 down payment (30% on 70% LTV)
- $7,980 origination points (3% of the $266,000 principle amount)
- $35,910 total interest paid (18 months x 9% interest)
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= $127,110 gross profit (doesn't include taxes or rehab costs)

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