Residential Hard Money Loans
We fund hard money loans for owner-occupied and non-owner-occupied properties
Westar Lending Group arranges residential hard money loans in Los Angeles that are funded by private investors and pension funds. Borrowers come to us when they are unable to obtain traditional bank financing due to credit or income challenges.
Our lending standards are so much different than what is employed by traditional funding sources, such as Fannie Mae and Freddie Mac. Our borrowers won’t spend months with us trying to get financing; we will let you know what we can do for you right away, and when we can do it.
We’re aware that the process of applying for a residential hard money loan can be a stressful experience. We don’t ask our borrowers to wait weeks and weeks as credit histories and credit payment records are investigated. We won’t call you numerous times asking about credit items we have discovered on your credit report and how it might prevent you from obtaining the residential hard money loan you need.
We also don’t ask borrowers to jump through hoops searching for tax returns and associated documentation to prove income.
We make it as easy as possible for borrowers to get a residential hard money loan in Los Angeles. We base our mortgage loans on the equity borrowers have in their properties, so borrowers won’t have the same bad experience they’ve had in the past with institutional lenders.
We always try to make the residential hard money loan process as easy and pleasant as possible.
Residential Hard Money Loan Evaluation Process
- Tell us about the Los Angeles property for which you would like a residential hard money loan, i.e., type of property, estimated value, and if any loans are currently owed on the property
- Complete our Short & Simple Loan Submission
- Receive our loan response and/or mortgage approval
- If the mortgage approval meets your needs, we can meet you at your location or at our office to sign the loan documents
- Once the appraisal and title report are received, we can arrange your loan to close and then disburse the loan proceeds to you
With our assistance, you can have your residential hard money loan funded in as little as one week.
Short & Simple Loan Submission
Non-Owner-Occupied Residential Loans
Our residential hard money loans are designed for borrowers with poor credit, bad credit, or limited income who need money to purchase a home, refinance a home, or to refinance an existing investment property.
Borrowers can use their existing rental properties to pay off existing debt or cash out for additional investment purposes. In addition to funding hard money residential loans, we also are hard money lenders for apartment buildings, commercial properties, and industrial properties. We can structure our hard money loans to an individual, a corporation, an LLC, a partnership or to a trust. In today’s Los Angeles real estate environment, homebuyers need to move fast to take advantage of buying opportunities. We can move as fast as necessary to help real estate buyers achieve their financial goals.
We believe that just because borrowers have bad credit or low income, they should not be prevented from getting the residential hard money loan they need.
Our residential hard money loans for investment properties can be structured and customized for the following purposes:
Refinance an existing property
We can fund a hard money loan on an existing rental property already owned by our borrower or on a property being purchased. Either way, our Borrower’s credit will not prevent us from assisting with real estate financing to take advantage of a possible money making opportunity.
When cash is needed, or an existing loan has come due for payoff, our investment loans can be used by our borrowers to pay off financial obligations without the unfortunate decision to sell a property to pay off an obligation.
Buy and hold
Borrowers can use our hard money loans to make necessary repairs and to make additional improvements to a newly purchased property. Our hard money home loans can then roll over into permanent financing for the balance of the term of the loan.
Business plant and facility financing
Our business loan financing programs are designed for borrowers who have credit and income problems that need the necessary funds required for a business purpose. Residential hard money loans can be made to an individual, a corporation, an LLC, a partnership or to a trust, and can be used for expansion, or to start a new business, and can be secured against the borrower’s owned commercial property.
When space becomes a problem for a growing business, our hard money loans are a good choice for financing facility expansion. Loans are available for construction and equipment purchases. We are flexible on our terms and due dates, so we can tailor a financing program that fits your business needs.
Owner-Occupied Residential Loans
Westar Lending Group funds hard money loans on owner-occupied properties, but due to the Dodd-Frank Consumer Lending Law, it is not permissible to fund consumer purpose loans for owner-occupied properties. We can arrange financing on an owner-occupied property but only as a business- or investment-purpose loan. Here are some specifics on each owner-occupied loan type:
Owner-Occupied Hard Money Loan for Business Purposes
Our Business Purpose Loan Program is designed specifically for borrowers who want a hard money loan for current operating business purposes or for the opening of a new business. The hard money loan will be secured by a borrowers’ equity in their personal residences. This loan issued under this program must be used for business purposes.
We are required by law to obtain a business purpose statement from our borrowers in order to further confirm that the loan will be used for a business purpose.
Owner-Occupied Hard Money Loan for Investment Purposes
We developed our Investment Purpose Loan Program to assist borrowers with credit and income problems who want to use their personal residence as security to purchase additional investment real estate, to invest in financial products or any investment opportunity.
We are required to obtain an investment purpose statement from our borrowers before issuing our hard money loan. It will further confirm that the funds will be used for an investment purpose.
Business Loans Secured by Personal Residence
Westar Lending Group can arrange a private equity or hard money loan that can be used to balance out cash flow for your business throughout the year, to provide additional capital to purchase inventory, to expand the business, to finance desired business projects, to acquire another business, or to complete a joint venture. If the business carries inventory and additional capital is needed to make necessary purchases from wholesale suppliers, we can arrange the money necessary to make the business more profitable.
As is the case for each of our residential hard money loans, our funding decisions are based on the equity in the subject property owned by the borrower or the business. We don’t let negative credit, bad credit or lack of income stand in the way of making your business successful.
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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