Do you work with mortgage brokers?
Yes. More than half of the borrowers who obtain hard money loans with Westar Lending Group are originated by mortgage brokers.
What does a mortgage broker need to submit on behalf of a potential borrower?
Simply said, we need loan parameters to be able to determine if we can fund the hard money loan for your client. An overview of the proposed deal and a 1003 loan application and anything else relating to the proposed loan would help. Often just a phone conversation will be enough for us to see if the deal will work.
How do mortgage brokers get paid?
There are typically 2 ways:
- Check from escrow
- Check from Westar Lending Group
A check from escrow will require that the borrower sign and acknowledge the exact amount the mortgage brokers is making.
A check from us, where only the gross points charged are disclosed to the borrower which includes the mortgage broker points and Westar Lending Group’s loan origination points.
What is the time frame for closing?
The normal timeframe from hard money loan submission to loan funding is typically from 1-2 weeks.
Do you need to speak with my client?
Yes, we have found it necessary in the past to assess the borrower’s specifics and commitment to the requested hard money loan.