Wasatch Credit Association

About Wasatch Credit Association

Wasatch Credit Association is a Bountiful, UT based private money lender providing funding in Oregon. They provide lending solutions for a variety of situations, including bridge loans, construction loans, short term fix and flip loans, cash out loans, hard money loans for commercial properties, and buy and hold loans. Their loan parameters are versatile, including loan amounts ranging from $50,000 to $2,500,000 with a maximum LTV of 90%, terms between 6 months and 1 year, and rates ranging between 12% and 18%. Their lending parameters do not include a minimum credit rating. They provide loans on many property types, including single family, multi-family, apartments, office buildings, retail storefronts, hotels/motels, storage buildings, senior facilities, mixed use buildings, warehouse buildings, industrial buildings, medical buildings, undeveloped land, and churches.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

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

Areas Served: OR

Licenses: NMLS# 1134749, 288433, 1142138

Lending Guidelines for Wasatch Credit Association

Below are the general loan guidelines published on the Wasatch Credit Association 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 Wasatch Credit Association.

Loan Example 1

Wasatch Credit Association makes a fix and flip loan to Rodney for a renovation project in Portland, OR, on a house that costs $220,000. The loan to value (LTV) on the note is 55%. This means Rodney will have to bring 45% of the purchase price to the closing and the principle will be $121,000 on the loan. The deal also has the following features: 1) a 18 month term, 2) a 14% interest only note, and 3) a one percent origination fee.

Therefore, Rodney will need to make a $99,000 down payment in addition to paying a $1,210 origination fee. Wasatch Credit Association will collect $1,412 in monthly interest from the borrower. This is computed by taking the total loan value of $121,000, multiplying by the 14% rate of interest, and then dividing that amount by 12. Assuming Rodney sells the remodeled project for $319,000 at the end of the 18 month term, his gross profit (not including renovation costs) would be $72,380. This is computed by taking the purchase price ($319,000) and subtracting the original principle ($121,000), the origination fee ($1,210), the money he brought to closing ($99,000), and the total interest expenses ($25,410).

Loan Example 2

Darlene is a real estate investor in Portland, OR. She locates an older property for a remodeling project and takes a fix and flip loan from Wasatch Credit Association with the following features:

a) A $210,000 purchase price, b) a 70% loan to value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 5% origination fee.

After the renovation project is completed, if Darlene sells the house for $283,500, the numbers would be the following:

$283,500 sales price
- $147,000 principle (70% LTV)
- $63,000 cash paid at closing (30% on 70% LTV)
- $7,350 origination points (5% of the $147,000 principle amount)
- $14,700 interest payments (12 months x 10% interest)
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= $51,450 gross profit (doesn't include taxes or renovation costs)

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