Rock East Group LLC

About Rock East Group LLC

Rock East Group LLC is an Islandia, NY based private money lender. They offer loans throughout New York, New Jersey, Connecticut, and Florida. They offer loans for many different situations, including rental property loans, private commercial loans, short term bridge loans, and fix and flip hard money loans. They provide terms up to 1 year and loans with a maximum LTV of 90%. They will consider various lending requests but generally focus on multi family residences and apartment buildings.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Bridge Loans

Property Types Covered: Multi Family, Apartment

Areas Served: NY, NJ, CT, FL

Lending Guidelines for Rock East Group LLC

Below are the general loan guidelines published on the Rock East Group LLC 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 Rock East Group LLC.

Loan Example 1

Rock East Group LLC makes a fix and flip loan to Randy for a remodeling project in Brooklyn, NY, on a house that is listed for $180,000. Because the lender sets a 80% loan to value, Randy will be required to put 20% down and the total amount of the loan will be $144,000. The loan also includes the following features: 1) a 18 month length, 2) a 9% interest-only note, and 3) a one percent origination fee.

The borrower must contribute a total of $32,400 up front to cover the $36,000 down payment plus the $1,440 origination fee. The monthly interest-only payments will then total $1,080 to Rock East Group LLC. At the end of the loan, he sells the rehabed house for $225,000. After deducting the $19,440 in interest expenses ($1,080 multiplied by 18 months), the $1,440 origination fee, the $144,000 principle amount on the loan, and the $36,000 he brought to closing, he will earn a total profit of $24,120 ($225,000 sales price minus $200,880 in total costs). This amount would then be reduced by any building costs paid out of pocket.

Loan Example 2

Katie takes a fix and flip loan from Rock East Group LLC so she can remodel a townhome to re-sell in Brooklyn, NY. The deal has the following terms:

$370,000 sales price
80% loan-to-value (LTV)
18 month term
8% interest rate
4% origination fee

Once the renovation project is complete, if Katie sells the house for $481,000, the final numbers would be as follows:

$481,000 sales price
- $296,000 principle on note (80% LTV)
- $74,000 down payment (20% on 80% LTV)
- $11,840 origination fee (4% of the $296,000 principle amount)
- $35,520 total interest paid (18 months x 8% interest)
-----------------------
= $63,640 total profit (doesn't include taxes or rehab costs)

No Reviews Yet

Rock East Group LLC currently has no reviews. To add a review now, click the link below:

Write a Review for Rock East Group LLC