Borrower Information
We assist Borrowers with credit and Income issues obtain Residential Financing
TYPES OF LOANS WE FUND FOR OUR BORROWERS
RESIDENTIAL HARD MONEY LOANS
Our Residential Loans are designed to assist Borrowers obtain real estate financing after their Loan Applications were declined due to Credit or Income issues by the Big Banks. The loan programs we offer our Borrowers are very flexible on both credit and income. We base our loans on the equity in the Subject property
COMMERCIAL HARD MONEY LOANS
Our Commercial Loans fill the void left by the Big Banks for Borrowers who have Credit or Income issues that are preventing them from obtaining traditional Commercial real estate financing. We look to the equity and income generated from the Subject Property when determining to fund a Commercial Loan
FIX-N-FLIP HARD MONEY LOANS
Our Fix & Flip Loans are for real estate investors who are in the business of actively locating properties to purchase at a discount, making necessary repairs and improvements and later selling the property for a profit. Our Fix & Flip Loans can provide 100% of the needed capital for all repairs and improvements
PROBATE HARD MONEY LOANS
Our Probate Loans are for Probate Executors and Administrators who require immediate financing for needed obligations and for Beneficiaries who are in need of funds prior to the completion of the probating of the Probate Estate. We assist attorneys and Executors with all the court required Probate Loan documentation
PRIVATE EQUITY FINANCING
These loan programs are funded by private individuals and allow for the most liberal loan approval standards. Loans available for both Owner-Occupied and Non-Owner Occupied properties
Our Private Equity loans provide:
- Interest only payments
- Loan terms up to 5 years
- Stated Income Qualifying
- Allowable Property Deferred Maintenance
These loan programs are a good option for Borrowers who need money fast for a business opportunity or are needing to pay off a loan coming due or needs funds to repair or upgrade a property.
The standard time-frame from loan application to funding is usually between usually from “1” to “2” weeks.
INVESTMENT FINANCING
Foreclosure Purchase
The terms of purchase at a foreclosure Trustee Sale is cash only, which often requires more cash into a particular deal than most purchasers want in any particular transaction. We can immediately structure a real estate loan to pull cash back out of the newly purchased property providing additional cash to purchase more investment opportunities. If the value of the property is more than the purchase price you are paying we might be able to get you up to 100% purchase financing regardless of whether you have less than prefect credit or income problems.
Buy and Hold Strategy
Borrowers can use our Investment Loans to make necessary repairs and to make additional improvements to a newly purchased property. Our Investment Loans can then roll over into permanent financing for the balance of the term of the loan.
Refinancing of existing property
When cash is needed or an existing loan has come due for payoff, our Investment Loans can be used by Borrowers to pay necessary financial obligations without the unfortunate decision to sell the property to pay off obligations.
LENDING PARAMETERS
| Loan Amount | $ 50,000 to $ 6,000,000 |
| Rate | 8 % to 12 % |
| Loan-To-Value | Up to 85% |
| Loan-To-Cost | Up to 80 % including renovation costs |
| Term | 3 to 24 months |
| Origination Fees | 1 to 2.5 pts, depending on loan duration |
| Closing Time | 7 to 21 days |
| Required Insurance | Title insurance naming lender as insured and property insurance naming lender as additional insured and loss payee |
| Collateral Type | First trust deed on subject property |
| Type of Loans | Acquisitions, Renovations/Construction, Refinance, New Construction |
| Type of Properties | Single Family Homes and small unit residential developments |
| Lending Area | California |
LOAN APPLICATION PROCESS
Simple 5 Step Process from Approval to Funding
- Tell us about the property you want to borrow on. We will need information such as the type of property, estimated value and if any loans are currently owed on the property.
- Complete our Short Mortgage Application
- Receive our loan response and/or mortgage approval.
- If the mortgage approval meets your needs we can meet you at your home or at our office to sign all the loan documents.
- Once all required file conditions, such as the appraisal and title report are received by our company we can then set your loan up to close and disburse the loan proceeds to you.
With our assistance these steps can usually be completed in as little as one week if required by our Borrower.
Short and Simple Loan Submission
INITIAL DOCS CHECKLIST
- Loan Application (1003 Application)
- 3 Months Complete Bank Statements
- Photocopy of Valid ID
- LLC/Corp/Trust Docs (if applicable)
- If Purchase – Purchase Contract
- If Refinance – Mortgage Statement
- If Leased – Lease Agreement
- Declaration of Non-Owner Occupancy
- Letter of Experience & Explanation
- Escrow Contact Info
- Insurance Declaration Page
- Special Required Docs
- 1003 Application
- Borrowers Certification and Authorization
- Equal Credit Opportunity Act Disclosure
- Fair Lending Notice
What others say about us…
Very hard working people here. Helped me get a new first to pay off debt. Very helpful and knowledgeable people. Thank you again Westar!
Wanted to sell my property but needed major upgrades. They helped me get the money fast to sell my property. Very grateful.
I would recommend this company to anyone who can’t get a loan from their bank. They helped my brother and me get a 2nd on our rental property. Needed repairs badly. Tenants are happy and so are we.
Needed to pay off my first fast and Westar Lending helped me do that and got me extra money to do some repairs. Thank you!
Needed money to fix up my commercial property and Westar Lending helped me do that . Fast and easy. Thank you so much!
Wanted to purchase a property to add to my portfolio and Westar helped me get it done. Closed the deal fast! Will only deal with Westar Lending.
We couldn’t get a loan at our bank because of our low credit, but Westar Lending Group was there to help us get a new first on our home for our business. Thank you so much for helping us. We would recommend Westar to anyone.
Westar Lending Group is truly an outstanding team with excellent customer service! I would recommend them to anyone looking for a great and positive experience when getting a hard money loan.
EQUAL HOUSING LENDER
Some products may not be available in all states. Restrictions apply. All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval. Approval may be subject to rate increases, satisfactory title and appraisal review, and no change in financial condition.
*Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
How to reach us.
