The Private Money Store Inc

About The Private Money Store Inc

The Private Money Store Inc is a Spokane Valley, WA based private money lender who provides loans throughout Washington. They provide loans for many different needs and situations, including private commercial loans, hard money bridge loans, and fix-and-flip hard money loans. They issue terms between 6 months and 5 years, loan amounts ranging from $25,000 to $5,000,000 with a maximum LTV of 65%, and rates ranging between 7% and 14%. They provide loans on numerous property types, including single family residences, multi-family, apartment buildings, office buildings, retail spaces, hotels/motels, storage facilities, senior living facilities, mixed use buildings, warehouse spaces, industrial facilities, medical facilities, and undeveloped land.

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

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

Areas Served: WA

Lending Guidelines for The Private Money Store Inc

Below are the general loan guidelines published on the The Private Money Store 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 The Private Money Store Inc.

Loan Example 1

Ralph takes a private money loan from The Private Money Store Inc in order to renovate a townhouse to resale in Seattle, WA. The sales price of the property is $150,000. The loan-to-value (LTV) on the loan is 60%. This means that Ralph will bring 40% of the sales price to closing and the principle amount will be $90,000 on the loan. The deal also consists of these features: 1) a 12 month length, 2) a 10% interest-only note, and 3) a four percent origination fee.

Accordingly, Ralph will have to contribute a $60,000 down payment plus pay a $3,600 origination fee. he must then pay $750 per month to the lender. If Ralph achieves his goal of a $225,000 total sales price when the loan expires, he would collect a gross profit of $62,400 after repaying the principle and subtracting the money he brought to closing, the origination points, and the total monthly interest payments.

Loan Example 2

The Private Money Store Inc issues a hard money loan to Patti for a remodeling project in Seattle, WA. The deal dictates the following:

$310,000 sales price
55% loan to value (LTV)
6 month term
11% interest rate
2% origination fee

Assuming a $449,500 sales price at the end of the 6 month term, the final numbers for this project would look like this:

$449,500 sales price
- $170,500 loan principle (55% LTV)
- $139,500 cash paid at closing (45% on 55% LTV)
- $3,410 origination points (2% of the $170,500 principle amount)
- $9,378 total interest paid (6 months x 11% interest)
-----------------------
= $126,713 total profit (doesn't include taxes or renovation costs)

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