Hard Money Broker Affiliate Loan Programs – For many years, we have served as a reliable and dependable source of financing for hard money mortgage brokers and and their clients. Our Broker Affiliate Program offers flexibility, speed of funding and competitive interest rates and terms. We will consider any hard money loan from $30,000.00.
Our hard money lending decisions for mortgage brokers are based primarily on their client’s equity. Credit and income are not primary factors in considering the loan. We want to be more than just your private equity / hard money lender. We want to be a valuable partner to you and your clients.
If you are a mortgage broker with clients who have less then perfect credit or outright bad credit but have equity in their properties we can provide them with the money they need, quickly.
We are not like conventional banks; we won’t burden you and your client with numerous forms and documents to complete just for the privilege of referring/brokering your client’s mortgage loan to our company. We respect you and your client’s time. We make working with our company simple and easy.
Since we will consider most any property located in Los Angeles, Orange County, Santa Barbara County, Ventura County, San Diego County, and throughout California, we encourage our hard money mortgage brokers to take advantage of our Short Summary Form to let us know what is desired and on what property. We will get right back to you to discuss specifics of the transaction and the proposed financing terms that we can provide.
MORTGAGE BROKER FORM
WHAT WE NEED FROM YOU
Getting approved is quick and easy so you’ll be able to better help your clients reach their financing goals. We only need the absolute minimum amount of information and documentation necessary to comply with government regulations. You will be approved the day you submit your information to our company.
To set up your account, we only need 1 document which you can email. fax, or bring by our office:
Copy of your California Real Estate Broker’s License
email: info@westarlending.com
fax: (818) 345-4181
address: 19100 Ventura Blvd. Site 9 Tarzana, California 91356
Upon the submission of the first hard money loan, we’ll prepare and enter into a Mortgage Broker Agreement where we will confirm the borrower’s details and the commissions you’ll receive at the close of escrow.
BROKER LOAN INFORMATION
Our Broker Loan Form takes just a few minutes to complete. We will get back to you in less than 24 hours with our lending decision or to discuss issues that need additional clarification. Funding is fast and easy for your client.
It’s a simple 5-step process
- Confer with your client to determine their financing needs.
- Communicate to us how much your client wants to borrow, details on the subject property and what’s the intended use of the funds.
- Provide us with a completed 1003 loan application signed by your client.
- We’ll take it from here and arrange escrow, title an appraisal if necessary and we’ll prepare the loan documents for your client to sign.
- We’ll only need your assistance in communicating with your client to get any necessary documents.
If your client’s mortgage loan request is within our lending parameters we will issue a preliminary loan approval within 24 hours detailing our financing terms and costs. All hard money mortgage broker fees will be incorporated into the loan costs, disclosed and charged to the borrower. All fees will be paid out to referring broker on the day the loan closes.
Your client will be responsible for any appraisal and normal closing costs. We currently fund business and investment loans secured by first trust deed loans only. We do not fund owner-occupied loans. We will entertain any loan request up to 70% of the subject property’s value. We can be very flexible on our interest rates and repayment terms. We currently offer interest-only, partially amortized and fully amortized loans so we have the flexibility to provide just the right loan for your client.
As soon as we receive the information we will calculate the amount of loan we can provide to your client.
If you have any questions or need any assistance in completing the above information please call us at (888) 797-7970.
QUALITY CONTROL POLICY
Since we are licensed by the state of California, represent investors, and deal in large sums of money we must have a policy of confirming the validity of information and documents presented to our company in the process of originating real estate loans.
As such we employ the following to perform our duties to our borrowers, investors and our government regulators.
- All loan files are securely stored in locked file cabinets when not out for processing or servicing. A log is kept whenever a file is removed from the file storage area or taken out of the office in the course of company business. A file return policy is employed so as to confirm a file has been checked back into our secure system.
- All credit reports are ordered by our company from companies that comply with the Fair Credit Reporting Act. We require at least one credit bureau’s credit history on all borrowers. If we are unable to fund a real estate loan due to credit a Regulation “B” Notice is promptly sent to the borrower indicating the reason why we were not able to extent credit and possible solutions for the borrower. Any discussions pertaining to individual credit entries on the borrower’s credit report is referred to the appropriate credit reporting agency for further explanation.
- All appraisals are performed by qualified and experienced real estate appraisers and properly licensed by the State of California.
- All income documentation submitted to our company whether from a borrower or broker is reviewed and checked for authenticity.
- Telephone verification of information submitted to our company is performed when necessary as determined by our loan origination team.
- All required loan origination disclosures are provided to the borrower within all required governmental time frames. This includes but is not limited to State Fair Lending Notices, Federal Equal Opportunity Notices, Good Faith Estimates of closing costs, Federal Regulation Z, Truth in Lending Disclosures and the State of California Mortgage Loan Disclosure Statement.
In addition we determine on a daily basis any additional quality control measures that are required to validate that all information received and disclosed to our investors is true and correct.
MORTGAGE BROKER FORMS
W9 Form
This a Internal Revenue Service form that we are required to have every mortgage broker complete and sign providing payment and tax identification information.
Short Summary Submission
This form is used by our hard money mortgage brokers to submit the basics of a potential loan transaction so we can determine if the loan will fit our lending parameters.
1003 Application
This is the standard real estate loan application that is used by most lenders in the industry. Our company has chosen to use the FNMA 1003 application as our company’s loan application.
Borrowers Certification and Authorization
By signing this form, the borrower gives us authorization to investigate loan payoffs, payment histories, employment verification and any other necessary contacts that require borrower authorization.
Equal Credit Opportunity Act Disclosure
This is a Federal law requiring lending institutions to provide credit to borrowers without consideration as to race, color or national origin.
Fair Lending Notice
This is the California law requiring lending organizations originating real estate loans in California to not discriminate against borrower applicants.
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.
