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About Wilco Capital
Wilco Capital is a Charletson, SC based private lender. They provide loans in Charleston. They offer loans for many different needs and situations, including loans for rental properties, fix and flip hard money loans, and commercial hard money loans. They make loans on all of the following property types: single family units, multi family residences, apartments, office units, retail spaces, industrial facilities, and storage buildings.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Industrial, Storage
Areas Served: Charleston
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Lending Guidelines for Wilco Capital
Below are the general loan guidelines published on the Wilco Capital 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/AFix and Flip 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/ACommercial Hard Money 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 Wilco Capital.
Loan Example 1
Ernest closes on a $280,000 rehab project in Charleston, SC, using a hard money loan from Wilco Capital. The terms of the deal include a 80% loan-to-value (LTV), so he must bring 20% of the price as cash at closing, making the principle note amount $224,000. The rate on the note is 12% for a term of 6 months and the lender requires a five point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle will be repaid after the sale of the property.
The borrower will have to bring a total of $32,400 up front to pay the $56,000 down payment plus the $11,200 origination fee. he must then pay $2,240 monthly to the lender. If Ernest sells the property for $364,000 after 6 months, he would realize a total profit of $59,360 after subtracting the principle of $224,000, the cash contributed at the close of $56,000, the origination points of $11,200, and the total interest payments of $13,440. This profit does not account for renovation costs.
Loan Example 2
Melody takes a fix and flip loan from Wilco Capital in order to remodel a house to resell in Charleston, SC. The loan has the following parameters:
a) A $360,000 purchase price, b) a 60% loan-to-value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 2% origination fee.
After the renovation project is complete, if Melody sells the project for $486,000, the outcome would be the following:
$486,000 sales price
- $216,000 principle on note (60% LTV)
- $144,000 down payment (40% on 60% LTV)
- $4,320 origination points (2% of the $216,000 principle)
- $42,120 total interest paid (18 months x 13% interest)
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= $79,560 gross profit (doesn't include taxes or renovation costs) -
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