Veristone Mortgage

About Veristone Mortgage

Veristone Mortgage is private lender headquartered in Meridian, ID. They offer loans throughout Oregon, Washington, and Idaho. They provide loans for a variety of scenarios, including short term fix and flip loans, construction loans, hard money bridge loans, and hard money loans for commercial properties. They provide loans with a maximum LTV of 65% and terms between 6 months and 9 months. They will make loans on all the following types of properties: single family homes, multi-family units, apartment buildings, offices, retail spaces, hotels and motels, storage facilities, senior living facilities, mixed use buildings, warehouse spaces, industrial facilities, medical buildings, and undeveloped land.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, New Construction 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: OR, WA, ID

Licenses: NMLS #1106440, California Finance Lenders Law License 60DBO41196, Idaho Mortgage Broker/Lender MBL-8640, Oregon Mortgage Lender License ML-5288, Washington Consumer Loan Company License CL-1106440

Lending Guidelines for Veristone Mortgage

Below are the general loan guidelines published on the Veristone Mortgage 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 Veristone Mortgage.

Loan Example 1

Seth takes a fix-and-flip loan from Veristone Mortgage in order to renovate a house to flip in Portland, OR. The list price of the property is $300,000. As the lender agrees to a 70% loan-to-value, Seth will need to put 30% down and the total amount of the note will be $210,000. The terms of the loan dictate a 8% note for 6 months. They also stipulate a 5 point origination fee, which will also have to be paid at closing.

Seth will need to bring a total of $32,400 upon closing to cover the $90,000 down payment plus the $10,500 origination fee. he must then pay $1,400 per month to the lender. At the end of the loan, he sells the renovated property for $360,000. After deducting the $8,400 in total interest payments ($1,400 multiplied times 6 months), the $10,500 origination fee, the $210,000 principle amount on the loan, and the $90,000 he brought to the closing, he will earn a gross profit of $41,100 ($360,000 sales price minus $318,900 in total costs). This profit would be reduced by any building costs paid out of pocket.

Loan Example 2

Veristone Mortgage issues a private money loan to Eddie for a rehab project in Portland, OR. The loan dictates the following:

$340,000 sales price
80% loan to value (LTV)
18 month term
10% rate of interest
5% origination fee

Assuming a $408,000 sales price at the end of the 18 month term, the numbers for this project would look like this:

$408,000 sales price
- $272,000 loan principle (80% LTV)
- $68,000 cash paid at closing (20% on 80% LTV)
- $13,600 origination fee (5% of the $272,000 principle)
- $40,800 interest payments (18 months x 10% interest)
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= $13,600 gross profit (does not include taxes or renovation costs)

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