Residential First Capital
Newport Beach, California
CA DRE Lic. 01193114
Creative Private Mortgage Lending in California and Washington
Common sense underwriting: If a loan makes sense, we will figure out a way to make it. We have been funding private money loans for 3 decades now and have seen most scenarios over the years. We pride ourselves on our creativity and fairness in loan pricing. We are comfortable funding Business Purpose as well as Consumer Purpose loans.
If we can’t make a particular loan, but we know of a reliable source that can, we will refer you to that source. We are all very responsive over here and know the importance of closing quickly and efficiently for our clients. We look forward to working with you to put your next loan transaction together.
Property Types
- 2-4 Units Residential
- Assisted Living Facility
- Commercial Condominium
- Commercial Land
- Condominium
- Golf Course
- Industrial
- Manufactured Home
- Mixed-Use
- Mobile Home Park
- Multifamily
- Office
- Portfolio of Commercial Properties
- Portfolio of Residential Properties
- Rehabilitation Facility
- Residential Land
- Retail
- Senior Housing
- Single Family Residence
- Student Housing
Loan Types
- Private Money
- Hard Money
- Residential Bridge
- Residential Fix and Flip
- Residential Rehab and Rent
- Residential Ground-Up Construction
- Residential Long-Term Rental
- Residential Owner-Occupied
Specialty Loan Types
- 2nd Mortgage Equity Cash Out
- 3rd Mortgage Equity Cash Out
- Bankruptcy Resolution
- Commercial Permanent Financing
- Condo Conversion
- Discounted Note Payoff
- Foreclosure Bailout
- Note Purchase
- Partner Buyout
- Primary Residence Bridge
- Primary Residence Business Purpose Cash Out
- Residential Long-Term Rental
- Residential Non-Prime
- Reverse 1031 Exchange
Junior Lien Loan Amounts
$25,000 to $3,000,000
Junior Lien Interest Rates
7.99% to 10.99%
Junior Lien Loan-to-Value
65%
Junior Lien Loan-to-Cost
65%
Junior Lien Origination Fees
1% to 2%
We Fund Junior Position Loans
Often
Junior Lien Types
- Purchase
- Refinance
- Equity Cash Out
Junior Lien Description
We make 2nds, 3rds, and sometimes 4ths and can get creative to make loans work. Our junior liens run anywhere from a year to 30 years.
Description
Most of our land loans are against Residential in-fill lots. However, we have made some against entitled acreage for both residential, commercial, and industrial development.
Land Types Considered
- Residential Land
- Multifamily Land
- Industrial Land
- Office Land
Will Consider Land That is NOT Entitled
no
Existing Land Improvements Required
- Street Access
- Electricity
- Gas
- Water
Max LTV for Land
40%
Max LTC for Land Acquisition
40%
Junior Lien Types
- Purchase
- Refinance
- Equity Cash Out
Junior Lien Description
We make 2nds, 3rds, and sometimes 4ths and can get creative to make loans work. Our junior liens run anywhere from a year to 30 years.
Description
We are really looking at the collateral and our equity position in all of it, assuming the borrower has a good plan to deal with the debt and we feel the borrower has the ability to repay.
Max Loan-to-Purchase Price
65%
Borrower Must Have Property Under Contract
yes
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
- Equity in Another Investment Property
- Equity in Primary Residence
- Seller Financing
- Gap Lender
- Family
Description
We are looking for the borrower to have adequate experience, a viable project, a solid exit plan, and ample liquidity to see the project through to completion.
Experience Required
yes
Minimum Number of Value-Add Projects Completed by Borrower
2
Will Provide Funds for Renovation Costs
no
Max LTC for Renovation Costs
70%
Description
We have made many loans against residential property pools and loan pools. We have a lot of experience dealing with property and loan pools.Minimum Loan Amount
$25,000Maximum Loan Amount
$4,000,000Minimum Interest Rate
7.5%Maximum Interest Rate
10.99%Minimum Origination Fee
1%Maximum Origination Fee
2%Minimum Loan Term
12 monthsMaximum Loan Term
360 monthsMaximum Loan-To-Value
65%Maximum Loan-To-Purchase
75%Maximum Debt-to-Income Ratio
50%
Will Lend on a Portfolio of Properties
Yes
Minimum Number of Properties
2
Maximum Number of Properties
50
Minimum Property Value
$100,000
Maximum Property Value
$5,000,000
Documents Fee
$450 for residential, $650 for commercial property
Escrow Fee
Whatever the mutually selected escrow company charges.
Title Fee
Whatever the mutually selected title company charges
Credit Report Fee
We accept brokers credit reports. If the borrower comes direct to us, we will charge a standard tri-merge fee, typically around $25
Appraisal Fee
Whatever the local appraiser charges. We have seen appraisal fees running anywhere from $350 to a lower priced home to well over $1,000 for a multi million dollar home. At lower values, we have allowed BPO's that run for $100 to $150 for our valuations.
Minimum Origination Fee Amount
$1,000
Fees which are mandatory for all new borrower clients
- Documents Fee
- Funding Fee
- Appraisal Fee
- Escrow Fee
- Title Fee
- Credit Report Fee
- Renovation or Construction Funds Draw Fee
Fees which are paid to a third party company
- Appraisal Fee
Additional Details
Our typical fees... Residential: $450 doc fee, $175 admin fee, and $35 wire fee, Commercial: $650 doc fee, $175 admin fee, and $35 wire fee. The borrower also pays for an appraisal or BPO fee, a credit report fee, a negotiable funding fee, and standard, escrow, title, recording, and notary fees. The only up-front fee is the appraisal fee and the borrower or the broker pays that direct to the appraiser before the appraisal inspection.
We are a direct private money lender in California and Washington. We have been funding private money loans since the early 1990’s. Our company name has changed from Village Mortgage to Stone American Financial, to Ken Thayer, Trust Deed Servicing, to now, Residential First Capital. Our specialty is lending against residential properties, mainly SFR’s, Condos, and Units, but we have also made many commercial loans as well as land loans. We pride ourselves on responsiveness, creativity in making loans work for all, and execution. Our loan pricing is very fair and competitive also. We look forward to answering all inquiries that come in expeditiously and professionally.
Office Locations
Our Team
Ken Thayer
President
CA DRE Broker License - 00714065
Residential First Capital Testimonials
RTR Enterprises LLC
Real Estate Investor / Flipper
"We are very careful about who we use as our lender, and the trust that Residential First Mortgage has earned over the years of working with us makes them an incredible partner. They handle the heavy lifting and make it easy for us to do business with them. We can depend upon them to work hard on our behalf to ensure the loan will be completed professionally and quickly."
R Jones
Real Estate Investor / Flipper
"As I begin each project I look to my team of resource providers that I have built, and the team at Residential First Capital has been by my side for more than 30 years. We have worked together on different size transactions and each had their own unique aspects that were easily overcome given their expansive knowledge base and experience. They work very quickly and I can always count on them to do a good job and help me succeed."
J Vach
Real Estate Investor / Flipper
"When I am working on my new investment project it is important to me that the lender I work with is flexible in their loan structure and perform the transaction quickly. The speed and service from Residential First Mortgage is unsurpassed and has helped me be the right buyer for the perfect fix and flip property. In addition, the office staff is professional and friendly so the loan process itself is a great experience."
C Shepard
Borrower
"Over 20 years and 300 loans processed with Residential First Capital has taught me that they are an amazing resource that is always ready to help make a difference in the right way. What you see is what you get with this team- honest, trustworthy and capable of navigating sometimes tricky transactions. They are the first people I turn to in each new opportunity."
Our minimum loan amount is $25,000
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