FAQ

 

 

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Q         Why choose a hard money loan?

Answer: Borrowers choose hard money loans when they are not able to provide all the numerous documentation often required by institutional lenders, or if time is of the essence and instructional lenders processing time frames are just too time consuming.  But the most usual reason is due to the Borrower having poor to bad credit or possibly having a prior bankruptcy or a foreclosure that many institutional lenders don’t like.  Or another reason might be income that can’t be proven to institutional standards.  Hard money financing gives the Borrower a second chance and the opportunity to rebuild their credit together with obtaining the money they need.

Q         How long does the mortgage loan process take?

Answer: Even though our lending documentation requirement are much less cumbersome then institutional lenders we do have to comply with laws and standard due diligence.  So as such most of our Borrowers mortgage loans close in less than 2 weeks.

Q         Which types of properties does Westar Lending Group, Inc. finance?

Answer: We have the flexibility to lend on any type of California real estate, but mostly residential, apartment, commercial and industrial

 

Q         Are there any upfront costs or fees?

Answer:  All origination costs and fees are billed at the time of closing.  The only upfront fee that our Borrowers might be required to pay would be for an appraisal on the property.  In many instances the upfront appraisal fee can be delayed and paid at the closing of the mortgage loan.

 

Q         Are there any pre-payment penalties?

Answer:  We do not have pre-payment penalties contained with any of our mortgage loan programs.

 

Q         How long can I have the borrowed money?

Answer: We can structure any term of repayment to best comply with our Borrowers intentions.  We can structure interest only loans, partially amortized loans or even fully amortized loans.

 

Q         Can I borrow in the name of a corporation, LLC or Trust?

AnswerOur loans can be made to an individual, a corporation, an LLC, a Partnership or to a Trust or even to an estate in probate.

 

Q         What if I want to Borrow on the house that I live in?

Answer:  Our company does not make owner occupied consumer loans, but we will consider arranging either a Business Loan or Investment Loan that is recorded against the Borrower’s primary residence provided all the required disclosure are prepared and signed by the Borrower.

Q         In which states does Westar Lending Group offer hard money loans?

Answer:  We currently only lend in the state of California.