The Magee Group

About The Magee Group

The Magee Group is an asset-based lender in Quincy, MA providing funding throughout Boston. They provide commercial loans, short term bridge loans, and fix and flip hard money loans. Their loan parameters are flexible, including terms between 3 years and 8 years, loan amounts ranging from $100,000 to $5,000,000 with a maximum LTV of 75%, and rates ranging between 5% and 14%. They require a minimum credit score of 700 to receive a loan. They make loans on many property types, including single family homes, multi family, apartment buildings, office buildings, retail spaces, mixed use, industrial buildings, and medical facilities.

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

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Mixed Use, Industrial, Medical

Areas Served: Boston

Lending Guidelines for The Magee Group

Below are the general loan guidelines published on the The Magee Group 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 The Magee Group.

Loan Example 1

The Magee Group issues a hard money loan to Desiree for a remodeling project in Boston, MA, on a house that is listed for $220,000. The loan to value (LTV) on the deal is 85%. This means Desiree will need to bring 15% of the purchase price to the closing and the principle amount will be $187,000 on the deal. The parameters of the deal also stipulate a three percent origination fee which is to be paid at the closing and a 6 month, interest only note with a 11% rate of interest.

Desiree will need to bring $33,000 at the closing (15% on the 85% loan-to-value), plus she will pay the $5,610 origination fee. The lender will collect $1,714 in monthly interest from the Desiree. This is computed by taking the full loan amount of $187,000, multiplying that by the 11% rate of interest, and then dividing that number by 12. If Desiree meets her goal of a $297,000 sales price when the loan expires, she would pocket a total profit of $61,105 after re-paying the principle amount and deducting the money she paid at closing, the origination fee, and the total interest payments.

Loan Example 2

Corey takes a fix and flip loan from The Magee Group so he can rehab a property to resell in Boston, MA. The deal has the following parameters:

$310,000 purchase price
50% loan to value (LTV)
18 month term
14% interest rate
3% origination fee

Corey intends to list the house when the note expires for $372,000. If he accomplishes his goal, the final numbers will be as follows:

$372,000 sales price
- $155,000 loan principle (50% LTV)
- $155,000 cash paid at closing (50% on 50% LTV)
- $4,650 origination fee (3% of the $155,000 principle)
- $32,550 interest payments (18 months x 14% interest)
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= $24,800 gross profit (does not include taxes or rehab costs)

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