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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%
Max Loan-To-Cost
75%
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
Max Loan-To-Purchase Price
75%Borrower Must Have Property Under Contract
noWill Provide Proof of Funds Letter
yesWill Consider Lending on Purchase from Auction
yesAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Subject Property
Rehab Value Add Loan
Experience Required
yesMinimum Number of Value-Add Projects Completed by Borrower
2Will Provide Funds for Renovation Costs
yesMax LTC for Renovation Costs
100%Interest Charged for Renovation Costs
Entire Amount of Total Project CostsTypical Number of Days for Funds Draw
4Maximum After Repair Value
65.00%Construction Loan
Development Experience Required
yesMinimum Number of Ground-Up Construction Projects Completed by Borrower
2Max LTC for Ground-Up Construction Costs
75%Interest Charged for Construction Costs
Entire Amount of Total Project CostsWill Lend on Partially Completed Construction Projects
yesDetails and Requirements
Typical Closing Time (Days)
21Fastest Closing Time (Days)
9Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
- Amortized
Payment Structure Details
Interest onlyPre 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
noWill Consider Collateralizing Multiple Properties in One Loan
yesWill 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
AlwaysCredit Check Required
yesMinimum Credit Score Required
620Credit 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 FundingAppraisal Required for Commercial Property
Always Before FundingBroker Price Opinion (BPO) Accepted for Residential Property
NeverBroker Price Opinion (BPO) Accepted for Commercial Property
NeverFees
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 HQ79 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
JDGeorge 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.
646-650-2141