Commercial Hard Money Loans
Our commercial hard money loans accommodate less than favorable credit, income and property conditions
Our commercial hard money loans in Los Angeles are designed for borrowers who currently own commercial property or are looking to acquire one. Our lending programs fill the void left by the big institutional mortgage lenders who deny loans to borrowers with credit and income problems, and for properties that just don’t meet their stringent underwriting standards. Many commercial lenders require $500,000.00 or even $1,000,000.00 as a minimum loan amount before even considering a commercial loan. We will provide commercial loans far below those amounts.
If you own a commercial building in Los Angeles and are an owner-user, run your own business out of your own building, or you have been in business for less than 2 years and need money to grow/expand it, we can help you. Our commercial hard money loans are funded with private investor money. The benefit to you is that we’re not restricted by the underwriting requirements that many other commercial lenders must comply with when deciding to approve a commercial loan.
We look to the equity in the property we are financing when determining to approve a commercial hard money loan, so if you own an existing commercial building and are looking to refinance an existing mortgage loan and have sufficient equity, then we can fund your loan.
If you are looking to purchase a commercial building and have 30% to 35% as a down payment, we can fund the purchase of the property. Since every borrower’s needs differ, when structuring financing for their commercial building we offer various loan terms to accommodate your financing needs. We don’t have hard and fast rules relating to debt coverage ratios that many other mortgage lenders do.
If you would like to speak with one of our knowledgeable commercial loan consultants, then please call for a confidential review of your specific situation.
COMMERCIAL LOAN PROGRAMS & QUALIFICATION OPTIONS
Commercial Loan Programs
Westar Lending Group offers many different types of commercial hard money loans. Since the circumstances of our borrowers differ, we offer a number of different ways to quality for your loan.
Interest-Only Payment
Interest-only is our most popular commercial hard money loan because it offers borrower’s the lowest monthly mortgage payment. It allows for as low a monthly payment as possible to provide for maximum monthly cash flow as well as the time to take corrective action on credit and income problems which, in the end, will help to secure a lower interest rate commercial loan prior to original loan maturity.
Fully Amortized Payment
Fully amortized commercial loans offers monthly loan payments that will pay off your commercial loan by the end of the loan term. Although payments may be higher than an interest-only loan, the advantage is that subsequent financing is not needed to pay off the loan.
Partially Amortized Payment
Partially amortized commercial loans add principal to the monthly mortgage payment that will lead to a partial pay down of the mortgage loan balance over the term of the loan. There will still be a balloon payment due at maturity, similar to the interest-only commercial loan but it will be less and more manageable.
Commercial Loan Qualifying Options
Income Qualifying
Income qualifying means that we use a borrower’s monthly income to qualify for a commercial hard money loan. The income we use to quality can be from income generated from the property we are lending on or it can be derived from many other sources.
Stated Income Qualifying
Stated income means that we calculate income based on the income that is disclosed to us by a borrower who may have difficulty documenting it.
No Income Qualifying
In unique circumstances, we may fund a commercial hard money loan to a borrower who does not have sufficient current monthly income to qualify for one in the traditional way. In this situation, the commercial loan is structured to be paid back from the sale of the property or by some other option provided by the borrower.
TYPES OF COMMERCIAL PROPERTIES THAT WE FINANCE
Westar Lending Group finances diverse commercial property types. Each has its own unique LTV (Loan to Value) requirements and underwriting standards, but keep in mind that each commercial hard money loan is diligently considered and reviewed allowing us to often stretch beyond our normal lending guidelines to approve it.
A short conversation with one of our knowledgeable commercial loan consultants will prove valuable to you by providing you the amount and type of financing we can fund and the time necessary to close your loan.
A partial list commercial properties that we finance:
- Commercial Office Buildings
- Hotels/Motels
- Light Industrial
- Mixed Use Commercial/Residential
- Mobil Home Parks
- Multi-Family Apartments
- Retail Centers
- Senior Housing/Nursing Homes
- Single Purpose Properties
- Single Tenant Buildings
COMMERCIAL HARD MONEY LOAN FORM
For a fast evaluation of your commercial hard money loan application and to receive a proposed loan quote, please complete the form below. If you have any questions or need assistance in completing it, please call us at (888) 797-7970. We will review your information and get right back to you. Thank you!
EQUAL HOUSING LENDER
Some commercial hard money 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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