Direct Lender for Real Estate Investors

MoFin is a direct hard money lending firm offering short-term bridge loans secured by commercial real estate and residential investment properties in 34 states. We are upfront and fully transparent with our fees, terms, requirements, and time to close. Our process is all online and you can close at a location most convenient for you.

Please note: we do NOT offer loans for land, rural properties, or owner-occupied homes.

Property Geographic Area Details

MoFin lends in 34 states: AL, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, MD, MA, MI, MS, MO, NE, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA, WV, WI, WY.

Loan Amounts

$100,000 to $10,000,000

Interest Rates

11% to 16%

Max Loan-To-Value

75.00%

Max Loan-To-Cost

75.00%

Origination Fees

2.5% to 4%

Loan Terms

12 months to 36 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Invest in a Business
  • Business Working Capital
  • Value Add Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • 2-4 Units Residential
  • Condominium
  • Mixed-Use
  • Multifamily
  • Office
  • Portfolio of Commercial Properties
  • Portfolio of Residential Properties
  • Single Family Residence

Loan Types

  • Private Money
  • Hard Money
  • Residential Bridge
  • Residential Fix and Flip
  • Residential Rehab and Rent
  • Residential Ground-Up Construction

Purchase Loan

Borrower must put down 25-35% cash on the acquisition. We do not allow seller financing or gap funding behind our loans.

Max Loan-To-Purchase Price

75.00%

Borrower Must Have Property Under Contract

no

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Subject Property

Rehab Value Add Loan

Borrower must have completed at least 2 successful projects in the last 36 months. We may require 1 to 6 months interest reserve hold-back (may be higher on certain loans).

Experience Required

yes

Minimum Number of Value-Add Projects Completed by Borrower

2

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

100.00%

Interest Charged for Renovation Costs

Entire Amount of Total Project Costs

Typical Number of Days for Funds Draw

4

Maximum After Repair Value

65.00%

Construction Loan

Development Experience Required

yes

Minimum Number of Ground-Up Construction Projects Completed by Borrower

2

Max LTC for Ground-Up Construction Costs

75.00%

Interest Charged for Construction Costs

Entire Amount of Total Project Costs

Will Lend on Partially Completed Construction Projects

yes

Details and Requirements

Typical Closing Time (Days)

21

Fastest Closing Time (Days)

9

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only
  • Amortized

Payment Structure Details

Interest only

Pre Payment Penalty

yes

For bridge or hard money loan there is no prepayment penalty on 12 month terms. 18+ month terms may have a 6 month prepayment penalty.

Will lend to a foreign national

no

Borrower must be a permanent resident alien and have a valid social security number.

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

no

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • Individual(s)
  • LLC
  • Limited Partnership
  • Corporation

Documentation Required

  • Credit Report
  • Bank Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Always

Credit Check Required

yes

Minimum Credit Score Required

620

Credit Check Description

For commercial 620+ only. For bridge residential 600 - 619 with compensating factors or 620+ without exception.

Appraisal Required for Residential Property

Always Before Funding

Appraisal Required for Commercial Property

Always Before Funding

Broker Price Opinion (BPO) Accepted for Residential Property

Never

Broker Price Opinion (BPO) Accepted for Commercial Property

Never

Fees

Due Diligence Fee

$495.00 to $495.00

Title Fee

Borrower is free to pick the title company.

Credit Report Fee

Part of $299 application fee.

Background Check Fee

Part of $299 application fee.

Extension Fee

On bridge loans, an extension fee is decided on a case by case basis, and is to the discretion of MoFin.

Appraisal Fee

Price for appraisals vary depending on the property type and location. A quote is issued ahead of time, prior to you signing the term sheet and paying the application fee.

Renovation Construction Draw Fee

$120 - $250 (depends on property type -- you're given this prior to signing the term sheet)

Minimum Origination Fee Amount

$2,000

Fees which are mandatory for all new borrower clients

  • Background Check Fee

Fees which are charged upfront prior to loan closing

  • Appraisal Fee
  • Credit Report Fee
  • Background Check Fee

Fees which are paid to a third party company

  • Appraisal Fee
  • Credit Report Fee
  • Background Check Fee

Legal Disclaimer

The terms and rates quoted herein do not constitute an offer to lend. They are provided here for educational or informational purposes only. This profile provided, and any proposal initially made, by MoFin relies on the truth and accuracy of certain information provided by the Borrower. All terms and conditions are subject to MoFin's credit, legal, investment loan approval process, and underwriting guidelines. MoFin only makes business purpose loans secured by non-owner occupied residential real estate.

Additional Details

We charge a $299 Application Fee. Upon signing the Term Sheet, the borrower will be asked to pay a $299 Application Fee to cover certain costs associated with processing and underwriting the loan. The fee is refundable, less our expenses incurred. The terms and conditions of the Application Fee and underwriting in general are explained in the Term Sheet, which is provided when the borrower is pre-qualified.

Commercial Property Bridge Loans:

  • Experience (should be seasoned investor who has performed or overseen rehab projects or owned/operated similar asset class if no rehab is involved)
  • 640+ FICO (no derogatories in the last 36 months, this includes (but is not limited to) missed mortgage payments, bankruptcies, foreclosures, short-sales, judgments, tax liens)
  • For purchases: 35% down payment (sourced from the borrower, cannot be a loan/gift funds for the downpayment)
  • Rates: 12% – 15%
  • Origination Fee: 2 -3  points
  • Liquidity: 6 months of liquid reserves (may be increased)
  • MFR (5+ units), mixed-use, office space, light industrial, warehouse (everything else on case by case)
  • Loan amount must be $500k+
  • No rural markets (preference is major cities)
  • Term: 12-36 months

Residential Bridge:

  • Experience (2+ deals in the last 36 months)
  • 640+ FICO (no derogatories in the last 36 months, this includes (but is not limited to) missed mortgage payments, bankruptcies, foreclosures, short-sales, judgments, tax liens)
  • LTV/LTC: 65% -75% on purchase price, 100% of rehab, with the total loan amount capped at 60% – 65% of ARV (terms will be provided on a case by case basis, dependant on borrower’s experience, credit, and the purchase price/loan amount)
  • We can do ground-up construction to experienced borrowers (12% – 15% range)
  • Cash-outs will be on a case by case basis. Will require seasoning and may be capped to 50% – 60% LTV.
  • 1-6 month interest reserve hold-back (may be higher on certain loans)
  • Rates: 11% – 16%
  • Origination Fee: 2.5 – 4 points
  • Minimum loan amount $100k
  • No rural markets
  • Full appraisal required
  • Term: 12 – 24 months

MoFin is devoted to investment property finance. Our mission is to close loans for our borrowers without the headache and hassle they’re used to with other lenders. We provide financing for fix and flips, rehab to rent deals, turnkey rentals, ground-up construction, and commercial real estate. Due to COVID19, we currently only offer bridge loans against both residential and commercial property. We are working to get 30 year financing for residential real estate and hopeful that it will be available late June or early July.

We hold ourselves to the highest standards when dealing with our customers. We believe the process of getting a mortgage should be easy, efficient, and enjoyable. We pride ourselves on providing personal, one-on-one service to our customers throughout the lending process.

Our business is built on technology. Every part of the application process is done online through our pre-qualification form and borrower portal. By signing up and completing our quick and easy pre-qualification, you can find out what rate we can offer for your deal. From your dashboard, you can see all of your outstanding applications or begin a new one at any time.

Year Established

2016

Office Locations

MoFin Lending HQ
79 Madison Avenue, 9th Floor, New York, New York 10016

Primary Capital Source

  • Own Funds

Loan Structure for Majority of Loans

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Percentage of Loans Secured by Commercial Property

20%

Percentage of Loans Secured by Residential Property

80%

Percentage of Residential Property Loans Which are Fix and Flip

50%

Percentage of Residential Property Loans Which are Buy and Hold

20%

Percentage of Residential Property Loans Which are Ground-Up Construction

20%

Percentage of Residential Property Loans Which are Long-Term Rental (5+ years)

10%

Total Loan Volume Funded to Date

$85,000,000

2017 Number of Loans Funded

10

2017 Loan Volume Funded

$5,000,000

2018 Number of Loans Funded

60

2018 Loan Volume Funded

$25,000,000

2019 Number of Loans Funded

180

2019 Loan Volume Funded

$55,000,000

George Despotopoulos

Co-Founder

JD

George is a Co-Founder of MoFin Lending and serves as its general counsel as well head of marketing, brand management, and business development.

Tyler Peters

Co-Founder

Tyler is a Co-Founder of MoFin Lending and leads its capital markets and lending efforts. Tyler has over 13 years of experience in the non-agency mortgage industry at top-tier investment banks. Tyler crafted MoFin's lending programs and underwriting guidelines.

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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how will the loan be paid off?

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