Redmond Funding Group
22500 NE Marketplace Dr - #206C
Redmond, WA 98053
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About Redmond Funding Group
Redmond Funding Group is a Redmond, WA based private money lender. They offer funding throughout Washington. They provide loans for many different situations, including fix-and-flip loans and ground up construction loans. They will consider different lending requests but primarily focus on single family.
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Loan Types Offered: Fix and Flip Loans, New Construction Loans
Property Types Covered: Single Family
Areas Served: WA
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Lending Guidelines for Redmond Funding Group
Below are the general loan guidelines published on the Redmond Funding Group website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
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/ANew Construction Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
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 Redmond Funding Group.
Loan Example 1
Ricardo finds a townhouse in Seattle, WA to renovate and re-sell. Since he doesn't have enough cash on-hand to acquire the $390,000 house outright, he takes out a fix-and-flip loan from Redmond Funding Group. The loan-to-value (LTV) on the loan is 70%. This means that Ricardo will have to bring 30% of the purchase price to the closing and the principle will be $273,000 on the note. The note is interest only, paid monthly, and is for 12 months at 13% interest with 2 origination points paid at the closing.
Accordingly, the borrower will be required to make a $117,000 down payment in addition to paying a $5,460 origination fee. The lender will collect $2,958 in monthly interest payments from the borrower. This is calculated by taking the total note value of $273,000, multiplying that by the 13% interest rate, and then dividing that amount by 12. Ricardo's plan is to complete the house within the 12 months and re-sell it for $468,000. If he succeeds he will make a profit of $37,050 ($468,000 sales price - $273,000 principle - $117,000 cash paid at closing - $5,460 origination fee - $35,490 in total interest payments.
Loan Example 2
Nathan is a an investor in Seattle, WA. He locates a run-down townhouse for a rehab project and takes out a fix and flip loan from Redmond Funding Group with the following terms:
a) A $160,000 purchase price, b) a 60% loan-to-value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 1% origination fee.
After the renovation project is complete, if Nathan sells the house for $240,000, the final numbers would be the following:
$240,000 sales price
- $96,000 principle (60% LTV)
- $64,000 cash paid at closing (40% on 60% LTV)
- $960 origination fee (1% of the $96,000 principle)
- $17,280 total interest paid (18 months x 12% interest)
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= $61,760 gross profit (does not include taxes or rehab costs) -
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