How can Westar Lending Group assist realtors and their clients with a real estate loan?
In todays world many potential borrowers looking to purchase a new home are under the impression that they can get a loan from their bank, but so often, they are shocked to find out they can’t, due to credit or income issues. Westar Lending Group offers real estate hard money loans that allow for credit and income issues that the big banks don’t allow. If there’s a way to get the buyer financing we will! Realtors Frequently Asked Questions
What information does a realtor need to provide for their client?
We just need the parameters: what is the buyer trying to do, such as purchase price and the intended down payments. The “deal points” can then be matched with the borrower’s credit and income to determine if the requested real estate hard money loan can be funded.
What are the interest rates and terms for a real estate hard money loan?
We offer many different real estate hard money loan programs, so we’re not a “one size fits all” lender. As with all lending, be it a real estate loan or any other type of loan, the better the credit and income the better the interest rate. Our interest rates range from 6%-12% and our loan terms range from 1-30 years, based on the type of loan program requested.
Does Westar Lending Group need to speak with the realtor’s client?
Yes. It is our preference to speak with and further work with every client to best assist them in obtaining real estate financing. Realtors Frequently Asked Questions
How loan will it take to determine if the borrower can obtain financing?
If we are provided all the necessary information and documentation we should be able to make a determination in only an hour or so after we receive the needed information. Most times we can make a determination with just a telephone call, subject to our company receiving documentation that supports the verbal representations made to us.
Can a realtor charge a loan commission on a loan submitted?
Yes. But due to the California Department of Real Estate’s regulations we are required to pay a Licensed California Real Estate Broker, so if a Real Estate Sales Agent submits their client’s loan request to our company we are required to pay their employing broker.
What is normal the time frame from real estate hard money loan submission to loan funding?
Typically 1-2 weeks provided that all requested information and documentation we need to help our borrower/client is delivered to us in a timely fashion. Realtors Frequently Asked Questions