Richard Tifone
4791 Au Sable Dr
Gibsonia, PA 15044
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About Richard Tifone
Based in Gibsonia, PA, Richard Tifone is an asset-based lender providing funding throughout Pittsburgh. They provide hard money loans for commercial properties, investment property loans, and fix and flip hard money loans. Their loan parameters are versatile, including rates ranging from 15%, loan amounts ranging from $30,000 to $600,000 with a maximum LTV of 70%, and terms between 6 months and 1 year. They primarily offer loans for single family and multi family.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Pittsburgh
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Lending Guidelines for Richard Tifone
Below are the general loan guidelines published on the Richard Tifone website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: $30,000 - $600,000
Available Rates: 15%
Typical Terms: 6 months - 12 months
Points Charged: 2% and up
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: YES
Minimum FICO Score: N/A
Time to Close: 3 WeeksFix and Flip Loans
Loan Amounts: $30,000 - $600,000
Available Rates: 15%
Typical Terms: 6 months - 12 months
Points Charged: 2% and up
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: YES
Minimum FICO Score: N/A
Time to Close: 3 WeeksCommercial Hard Money Loans
Loan Amounts: $30,000 - $600,000
Available Rates: 15%
Typical Terms: 6 months - 12 months
Points Charged: 2% and up
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: YES
Minimum FICO Score: N/A
Time to Close: 3 Weeks -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Richard Tifone.
Loan Example 1
Gerald is an investor in Pittsburgh, PA. He discovers an older property and decides to rehab it and flip it for a profit. The property has a cost of $250,000 but he does not have the full amount so he takes a private money loan with Richard Tifone. The loan to value (LTV) on the deal is 50%. This means that Gerald will bring 50% of the sales price to closing and the principle will be $125,000 on the note. The loan is interest only, with monthly payments, and is for 6 months at 9% interest with 4 points to be paid at closing.
The borrower must fund a total of $32,400 up front to pay the $125,000 down payment plus the $5,000 origination fee. Once the loan is executed and Gerald takes the property, he will have to begin making payments each month of $938 to Richard Tifone ($125,000 principle x 9% / 12 months). Gerald's plan is to complete the house within the 6 months and resell it for $300,000. If he succeeds he will make a total profit of $39,375 ($300,000 price - $125,000 principle - $125,000 cash at closing - $5,000 origination points - $5,625 in total interest.
Loan Example 2
Gordon is a an investor in Pittsburgh, PA. He purchases an older property for a remodeling project and takes out a hard money loan from Richard Tifone with the following paramters:
$210,000 purchase price
65% loan to value (LTV)
12 month term
12% rate of interest
1% origination feeGordon intends to list the project at the end of the term for $252,000. If he accomplishes his goal, the deal numbers would be the following:
$252,000 sales price
- $136,500 principle (65% LTV)
- $73,500 down payment (35% on 65% LTV)
- $1,365 origination fee (1% of the $136,500 principle amount)
- $16,380 total interest paid (12 months x 12% interest)
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= $24,255 total profit (doesn't include taxes or rehab costs) -
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