The Mortgage Depot
Office Address Not Available
Merritt Island, FL 32952
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About The Mortgage Depot
The Mortgage Depot is hard money lender based in Merritt Island, FL. They offer funding in Florida. Their lending focus is primarily on buy and hold loans. The focus of their loans is on single family homes and multi family residences.
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Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family, Multi Family
Areas Served: FL
Licenses: NMLS #390487
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Lending Guidelines for The Mortgage Depot
Below are the general loan guidelines published on the The Mortgage Depot website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
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: N/A
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 The Mortgage Depot.
Loan Example 1
Jerry is a real estate investor in Miami, FL. He finds a run-down property for sale and decides to remodel it and re-sell it for a profit. The property has a cost of $360,000 but he does not have the full amount so he takes out a hard money loan with The Mortgage Depot. The loan to value (LTV) on the loan is 75%. This means Jerry will have to bring 25% of the sales price to closing and the principle will be $270,000 on the loan. The terms of the loan also stipulate a three point origination fee that is to be paid at closing and a 18 month, interest only note with a 13% rate of interest.
Jerry will have to bring $90,000 to closing (25% on the 75% loan to value), plus he will need to pay the $8,100 origination fee. The Mortgage Depot will collect $2,925 in monthly interest payments from the Jerry. This is computed by taking the total loan amount of $270,000, multiplying by the 13% rate of interest, and then dividing that amount by 12. At the expiration of the note, he sells the rehabed property for $432,000. After deducting the $52,650 in total interest payments ($2,925 times 18 months), the $8,100 origination fee, the $270,000 principle on the note, and the $90,000 he contributed to closing, he will make a total profit of $11,250 ($432,000 sales price minus $420,750 in total costs). This amount would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
The Mortgage Depot issues a loan to Byron for a renovation project in Miami, FL. The loan includes the following:
a) A $190,000 purchase price, b) a 60% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 2% origination fee.
After the renovation project is finished, if Byron sells the property for $247,000, the numbers would be the following:
$247,000 sales price
- $114,000 principle on note (60% LTV)
- $76,000 cash paid at closing (40% on 60% LTV)
- $2,280 origination points (2% of the $114,000 principle amount)
- $7,410 total interest paid (6 months x 13% interest)
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= $47,310 gross profit (does not include taxes or renovation costs) -
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