What is a hard money loan?
A hard money loan is an alternative form of financing used by individuals and companies who may not qualify for a conventional loan due to strict lending limitations, funding timelines, or unique nature of transaction. Hard money loans are usually cash loans funded by private parties or privately owned mortgage banks like Windvest Corporation. Although rates are usually much higher, our terms are more flexible and our ability to fund within days instead of months makes the loan more appealing. Used properly a hard money loan is a great tool for real estate investors looking to leverage their assets and expand a business.
Where do you lend?
Our loans cover the entire state of California. Our
rehab loans program only covers the Southern California region with some exceptions.
What are the qualifications I need to get approved?
For rehab loans we take into consideration the applicant´s level of experience, access to funds beyond our loan, and investment strategy. On all other loans we analyze the borrower´s financial condition and ability to repay. Great credit is not a requirement but is considered. A low FICO is not a “deal breaker” but we may ask for more down, proof of income, etc…The better the property/collateral the better the odds it will be approved.
How do I apply?
Apply here. If you don´t have a property to submit then fill out your personal information and send for pre approval
Do you offer a proof of funds letter?
Yes with a pre-approved application,
click here to apply. There is no fee for our letter. Our goal is to assist you in getting your deal approved so we can finance the project.
How much money do I need to put down?
As a general rule we require at least 10% down. This can change at anytime based on market conditions, level of experience, and property condition.
Can I add the closing costs into the loan?
Yes.
Do you charge any upfront application fees?
No. The only fee we charge prior to closing is the credit report fee and the appraisal fee. However, we usually don´t ask for it until we have done a preliminary review of the comps and have pre approved your deal.
Can I roll repair costs into the loan
Yes, depending on the deal we may include repair costs into your loan amount as long as it remains under the maximum LTV
Is fund control required?
No. Fund control is available on a case by case basis depending on the property condition, borrower´s experience, and loan balance.
What type of properties will you lend on?
We lend on residential and commercial projects including single family homes (1-4), 5+ units, and light commercial buildings (multi, office, retail …)
Do you loan on owner-occupied properties?
No.
Do you loan on non-owner-occupied properties?
Yes.
What if I have bad credit, foreclosures, or bankruptcy. Can I get approved?
Yes, this will depend on your individual circumstances and current financial situation. See qualifications.
How long does it take to fund a loan?
Most loans close within 7-10 days of loan approval as long as we have a completed application, approved the appraisal report, delivered clean title with prelim, and all escrow conditions met.
I am a licensed mortgage broker, can I submit a loan to you?
Yes see
broker program for more info.
What is trust deed investing?
Trust deed investing is the funding or direct purchase of a loan made by Windvest Corporation. As an investor you are acting as the bank. Your income is derived from the monthly interest earned over the term of the loan. Your investment is secured by the property.
Who can invest?
Individuals, Corporations, Pension Plans, IRAs and other qualified retirement vehicles.
What is your minimum investment amount?
$25,000
How is my investment secured?
You are given title to the loan via an assignment of deed of trust and promissory note. In the case of default the property will be your collateral. All trust deeds are secured by 1st lien positions. We provide full credit files that include all required paperwork and disclosures.
What are the risks?
The risk is that the borrower fails to pay. In this instance you as the investor have the right of foreclosure. Usually our loans have at least 35% equity based on appraisal which means the amount you paid for the loan is typically recouped by sale of the property. With this much cushion investors are almost always paid back in full. Keep in mind all investments carry risk, do not invest if you cannot afford to lose your investment. To date our investors have yet to take a loss on any of our loans.
Can I use retirement funds?
Yes as long as your plan allows real estate backed investments. If not we can assist you in transferring your plan to an administrator who will allow it.
Are your loans title insured?
Yes, we will not fund any loan without proper title insurance from a reputable provider.
Can I inspect the property?
Yes. We also provide pictures taken during our inspection/appraisal. The only exception applies on rental properties occupied by tenants/owners. In those instances we recommend you drive by to view the exterior. How do I invest? Email Andre at
andre@windvestcorp.com or call 877-285-0777 ext 3 to get started.
