F.A.Q’s – Hard Money Loans 101
A hard money loan is a real estate backed loan where a borrower receives funds secured by equity in their property (or properties). Hard money lenders like Wilshire Quinn are mainly focused on the equity in the property as opposed to borrower credit and financials. Hard money loans are typically short term ranging from 6 months up to 2 years.
Hard money lenders like Wilshire Quinn primarily focus on the equity in the property to secure the loan. The borrowers credit is considered but is not a primary determinant in the underwriting process.
After receiving a signed term sheet Wilshire Quinn typically funds a loan in 5 to 7 business days.
Wilshire Quinn will consider a wide variety of property types including: office, retail centers, industrial, hotels, parking lots/structures, condo inventory, entitled land, multi-family properties, non-owner occupied single family homes, vacation homes and rentals, primer loan, bridge loan.
We will consider a wide variety of loan types including: purchase, refinance, cash-out refinance, partnership buyouts, rehabs, 1031 exchanges, value added acquisitions.
You can either complete our online loan application, email or call us directly. We would prefer to talk through your loan scenario as we can determine in a matter of minutes, once we have a few simple questions answered, if we have interest.
Our interest rates typically range from 9% to 12%, interest-only. Lender origination points typically range from 2% to 5% of the loan amount. The borrower pays for standard closing costs (title, escrow, legal).