Summit Capital
100 Passaic Avenue, Suite 240
Fairfield, NJ 07004
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About Summit Capital
Summit Capital is private money lender headquartered in Fairfield, NJ. They offer funding in New Jersey, Connecticut, New York, Pennsylvania, Delaware, and Florida. They provide hard money bridge loans, commercial loans, and fix-and-flip hard money loans. They offer terms up to 1 year and loan amounts ranging from $300,000 to $3,000,000. They will make loans on most property types, including single family, multi family, apartments, offices, mixed use spaces, retail units, warehouse buildings, storage facilities, and industrial buildings.
Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial
Areas Served: NJ, CT, NY, PA, DE, FL
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Lending Guidelines for Summit Capital
Below are the general loan guidelines published on the Summit Capital website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan Amounts: $300,000 - $3,000,000
Available Rates: N/A
Typical Terms: 12 months
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: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/ACommercial Hard Money Loans
Loan Amounts: $300,000 - $3,000,000
Available Rates: N/A
Typical Terms: 12 months
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: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: $300,000 - $3,000,000
Available Rates: N/A
Typical Terms: 12 months
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: YES
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 Summit Capital.
Loan Example 1
Phillip takes a fix-and-flip loan from Summit Capital in order to renovate a condo to resale in Brooklyn, NY. The price of the property is $270,000. The loan to value (LTV) on the note is 75%. This means that Phillip will bring 25% of the purchase price to closing and the principle amount will be $202,500 on the loan. The loan also includes these features: 1) a 6 month term, 2) a 8% interest only note, and 3) a two percent origination fee.
Phillip will need to bring $67,500 to the closing (25% on the 75% loan-to-value), plus he will have to pay the $4,050 origination fee. Once the loan closes, he will have to pay Summit Capital $1,350 in monthly interest fees, or 8% multiplied by $202,500 divided by 12 months in a year. If Phillip achieves his goal of a $405,000 sales price at the end of the loan term, he would pocket a total profit of $122,850 after repaying the principle on the note and deducting the money he contributed at closing, the origination points, and the monthly interest payments.
Loan Example 2
Maxine takes a hard money loan from Summit Capital in order to remodel a property to resell in Brooklyn, NY. The loan has the following parameters:
$220,000 sales price
85% loan to value (LTV)
12 month term
12% interest rate
1% origination feeBased on a $308,000 sales price after the 12 month term, the outcome for this deal would look like this:
$308,000 sales price
- $187,000 note principle (85% LTV)
- $33,000 down payment (15% on 85% LTV)
- $1,870 origination points (1% of the $187,000 principle)
- $22,440 interest payments (12 months x 12% interest)
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= $63,690 gross profit (does not include taxes or renovation costs) -
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