Spinnaker Loans, Inc

About Spinnaker Loans, Inc

Spinnaker Loans, Inc is a private lender based in Upland, CA offering funding throughout Southern California. They offer loans for a variety of situations and needs, including refinancing, rental property loans, short term loans, fix and flip hard money loans, and private commercial loans. Their lending parameters are versatile, including rates ranging between 7.99% and 11.99%, terms between 12 months and 24 months, and loan amounts ranging from $50,000 to $750,000 with a maximum LTV of 80%. They make loans on all of the following types of properties: single family, multi family residences, apartment buildings, offices, retail spaces, hotels/motels, storage buildings, assisted living facilities, mixed use buildings, warehouse spaces, industrial buildings, and medical buildings.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans

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

Areas Served: Southern California

Licenses: Spinnaker Loans, Inc. is a broker licensed through the California Bureau of Real Estate, License Number 01883601

Lending Guidelines for Spinnaker Loans, Inc

Below are the general loan guidelines published on the Spinnaker Loans, Inc 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 Spinnaker Loans, Inc.

Loan Example 1

Elizabeth takes a hard money loan from Spinnaker Loans, Inc in order to remodel a townhouse to flip in Acton, CA. The sales price of the house is $180,000. The borrower will need to bring 20% of the sales price in cash to the closing based on a 80% loan to value set by the lender. This makes the principle amount from Spinnaker Loans, Inc $144,000. The note is interest only, with monthly payments, and is for 18 months at 8% interest with 1 points paid at the closing.

Therefore, Elizabeth will be required to contribute a $36,000 down payment in addition to paying a $1,440 origination fee. Spinnaker Loans, Inc will collect $960 in monthly interest payments from the borrower. This is computed by taking the total note amount of $144,000, multiplying by the 8% rate of interest, and then dividing that amount by 12. If Elizabeth sells the project for $216,000 after 18 months, she would realize a total profit of $17,280 after subtracting the principle amount of $144,000, the funds contributed at closing of $36,000, the origination fee of $1,440, and the total interest payments of $17,280. This gross profit does not include renovation costs.

Loan Example 2

Stanley finds a duplex in Acton, CA to renovate and re-sell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from Spinnaker Loans, Inc with the following parameters:

$260,000 purchase price
70% loan-to-value (LTV)
12 month term
13% interest rate
5% origination fee

Stanley intends to list the project when the note expires for $364,000. If he accomplishes his goal, the outcome would be the following:

$364,000 sales price
- $182,000 loan principle (70% LTV)
- $78,000 cash paid at closing (30% on 70% LTV)
- $9,100 origination points (5% of the $182,000 principle amount)
- $23,660 total interest paid (12 months x 13% interest)
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= $71,240 gross profit (doesn't include taxes or renovation costs)

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