The Norris Group

About The Norris Group

The Norris Group is private money lender headquartered in Riverside, CA. They provide funding in Los Angeles County, Orange County, San Diego County, Riverside County, San Bernardino County, and Kern County. They offer lending solutions for many different situations and needs, including short term fix and flip loans, rental property loans, and ground up construction loans. They lend funds to any borrower based on the value of the property and do not require a minimum FICO score. They primarily offer loans on single family units, multi-family, and apartments.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, New Construction Loans

Property Types Covered: Single Family, Multi Family, Apartment

Areas Served: Los Angeles County, Orange County, San Diego County, Riverside County, San Bernardino County, Kern County

Licenses: NMLS ID 1623669, Cal DRE 01219911, Florida Mortgage Lender MLD1577

Lending Guidelines for The Norris Group

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

Loan Example 1

Richard is a house flipper in Los Angeles, CA. He locates a run-down property and wants to remodel it and sell it for a profit. The property has a cost of $380,000 but he does not have the full amount so he obtains a fix-and-flip loan with The Norris Group. The lender agrees to issue a loan with a 65% loan to value (LTV) so they are willing to loan $247,000 on the project. The loan is interest-only, paid monthly, and is for 6 months at 8% interest with 2 points paid at the closing.

Richard will have to contribute $133,000 at the closing (35% on the 65% loan-to-value), plus he will have to pay the $4,940 origination fee. The monthly interest-only payments will then be $1,647 to The Norris Group. If he sells the remodeled house for $532,000 at the end of the 6 month term, his gross profit (not accounting for rehab expenses) would be $137,180. This is calculated by taking the purchase price ($532,000) and subtracting the principle ($247,000), the origination fee ($4,940), the cash he brought to closing ($133,000), and the total interest expenses ($9,880).

Loan Example 2

The Norris Group makes a private money loan to Reginald for a renovation project in Los Angeles, CA. The loan dictates the following:

a) A $230,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 5% origination fee.

If Reginald achieves his goal of a $299,000 sales price, the final numbers of the deal will be as follows:

$299,000 sales price
- $149,500 principle (65% LTV)
- $80,500 cash paid at closing (35% on 65% LTV)
- $7,475 origination points (5% of the $149,500 principle)
- $19,435 total interest paid (12 months x 13% interest)
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= $42,090 total profit (does not include taxes or rehab costs)