TYPES OF LOANS WE FUND FOR OUR BORROWERS
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
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
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 | $ 30,000 to $ 1,500,000 |
| Rate | 8 % to 12 % |
| Loan-To-Value | Up to 75% |
| Loan-To-Cost | Up to 80 % including renovation costs |
| Term | 1 to 10 Years |
| Origination Fees | 1 to 2.5 pts, depending on loan duration |
| Closing Time | 7 to 21 days |
| Credit & Income | NO Min FICO Scores |
| Loan Types | 1st or 2nd Trust Deed |
| Type of Loans | Acquisitions, Renovations, Cash Out Refinance, Business & Investment Purpose |
| Type of Properties | Residential, Commercial and light Industrial |
| 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
Income Guidelines
Income is one of the components that we are required by law to take into account when making a loan to a Borrower.
We do consider our Borrower’s’ income when we are in the process of making a loan to a Borrower.
Income can be broken down into two major categories:
Employment Income
From a lending perspective it’s the easiest type of income for our company to consider when providing a loan since it is so easy to calculate.
We will only require:
- A recent Paycheck Stub
- Two years W2’s
We then use the information on the paycheck stub and the W2’s to calculate a monthly income for our Borrowers. If some of the monthly income is from commission, bonus or simply overtime payment, we don’t have to have a full two years of income payment history to our Borrower from their employer in order to consider the income for qualifying purposes.
Self-Employment income
This can be a little more difficult to calculate, since there are so many variables and ways that self-employed Borrowers earn money. We might ask for 2 years tax returns and a Profit and Loss (P & L) statement.
We are not constrained by regulations and government oversight that restricts the Big Banks and large institutional lenders from making a loan to self-employed Borrowers. Under certain circumstances, we are able to allow our Borrowers to simply “State their Income” and approve their loan as a “Stated Income” loan. The Big Banks and large institutional lenders can’t do it, but we can. We are aware that often there are times that our Borrower’s income documentation doesn’t reflect the total amount of income generated and received by our Borrowers.
Our credit counselors are available at (888) 797-7970 to assist you in reviewing your monthly income and how it will be calculated when we’re considering making you a loan.
We really want to help you get the money you need.
Credit Guidelines
Credit is one of the factors that we consider when we receive a Loan Application from one of our Borrowers. Past credit problems and even current credit marks will not deter us from lending. We lend to Borrowers who have poor credit and even credit that can only be described as bad credit. If you have ever had the need to have filed a Bankruptcy, or even have had the unfortunate circumstance of experiencing a foreclosure, we are your best choice for real estate financing.
We fill the void for Borrowers who find themselves needing real estate financing but can’t find a company to help them. We provide financing to Borrowers that the Big Banks or large institutional lenders turn down on a daily basis. We live by a different set of rules than the banks and are not constrained by cumbersome layers of management.
We base our loans primarily on the equity in the property we will be lending on, so credit is not that important to us, but is can help our Borrowers in getting a better interest rate. Better credit always equals better rates. So when we are extending credit we always aim to provide our Borrowers with the best interest rates and terms based on the unique credit circumstance of our Borrowers.
The more equity that you have in your property the better it is for us to make you a loan. We perform a calculation of the value of your property and we will lend up 65% LTV (Loan to Value) of the current market value. Credit problems will not prevent us from lending money if there is sufficient equity in the property.
Since everyone’s credit history is unique we always tailor our loans to each Borrower’s specific situation. If there is sufficient equity in the property being borrowed on, then there is almost are no circumstances where our Borrower’s credit will prevent us from making a real estate loan.
The one exception is if our Borrower is currently in Bankruptcy. Under the law we are prevented from lending money to Borrowers who are in bankruptcy. When this situation happens, we only require that the bankruptcy be dismissed from the court and then we can make the loan.
We are required by law to access a credit report for every mortgage loan we provide. While credit is not a major consideration in our lending decisions, overall outstanding debt needs to be known.
We need to at times confirm our Borrowers outstanding debt for calculations of income worthiness but rest assured that credit is not a major consideration in our mortgage lending decisions.
If you are not sure of what your FICO credit score is just call our office and we will be happy to run your credit for no charge, let you know your FICO score and review your credit history with you over the phone or in person at our office and provide you with an interest rate quote based on your credit.
If you have been mistreated by the Big Banks or large institutional lenders you will be very surprised by the extent we go to make you the loan you need.
Our credit counselors are available at (888) 797-7970 to assist you getting you the money you need.
Property Guidelines
Since we are a Private Equity Lender and not constrained by needless government regulation that so often restrict the Big Banks or other large Institutional Lenders, we are able to lend on just about any type of real estate.
Our lending standards are so much more flexible than the Big Banks and other large Institutional Lenders.
The only restrictions are that we only lend on real estate, and the property we are lending on must be located in California.
There are several components of the property that we do take into consideration when providing real estate financing. They can be broken down into two general categories:
Legal Ownership
When making a loan to a Borrower we need to confirm that the Borrower does own the property we are being asked to lend money against. Furthermore we need to confirm if there are any other loans or liens recorded against the property. We accomplish this task by employing the services of a Title Company, who performs the title and lien investigation on the property. If there is ever any problems that comes up that could prevent us from lending we jump into action and work with our Borrowers, associated lien holders and any other party that need to be contacted in our quest to “Straighten Things Out” and get the title to the property “Cleared Up” so we can move forward and make our Borrower a real estate loan.
Physical Property
This can be further broken down into two categories:
Land, this is the part that God built, this is the ground that the structure is build on. When the property is appraised a value component is assigned to land value in the overall appraised value of the property. Land is not movable so land in a better location will appraise at a higher value. The old adage, location, location, location is so important in the valuation of the property.
Structure, this is the part that Man build. It can be a house, duplex, 4 plex, apartment building, commercial building or even a single purpose building.
We do consider the condition of the property when preparing to the make a Borrower a loan, but the good news is that we are so much more flexible than other lenders. We will allow deferred maintenance to be present when we close our loan. We just need to confirm that no hazards exist with the property when we close our loan.
We are always available to review your property free of charge to see if there might be any possible problems that might preclude us from making you a loan.
Our Lending Officers are available at (888) 797-7970 to assist you in clearing up any possible property matters and getting you the money, you need.
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.
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