Q: |
How do I get pre-qualified for a loan with Wilshire? |
A: |
It's very simple. To get started, all you have to do is click on the application tab on our website and fill out the required information. Make sure you complete the information requested.
Once you submit an application, please follow up with a phone call.
|
|
|
Q: |
How long does it take to close the loan? |
A: |
Our average closing is 10 to 15 business days. However, if we have all the documentation, such as appraisal, escrow instructions, proof of insurance, and a clean preliminary title report, we can close in as little as 3 days. Each transaction is handled on a case by case basis. If you have a special timing requirement, we may be able to accommodate you. |
|
|
Q: |
What is your maximum loan to value (LTV)? |
A: |
Generally we lend from 60% to 65%. |
|
|
Q: |
Will you ever go higher on LTV than 60% - 65%? |
A: |
In certain circumstances we may provide a higher loan-to-value. Please call us to discuss your needs and the available options. |
|
|
Q: |
What are your loan origination fees? |
A: |
They generally range from 3.0% to 4.0% of the loan amount on a standard loan secured by a first trust deed on a single property. Loans requiring additional structure, longer terms, cross collateralization or other accommodations may be subject to higher rates and/or fees. |
|
|
Q: |
What are your Interest rates? |
A: |
From 9.00% to 12.00% on a standard loan secured by a first trust deed on a single property. Loans requiring additional structure, longer terms, cross collateralization or other accommodations may be subject to higher rates and/or fees. |
|
|
Q: |
Why do you give a range on your interest and loan origination fees? |
A: |
The degree of risk in each transaction is different and we price the loans accordingly. Once we evaluate your transaction we will be able to provide a firm quote.
|
|
|
Q: |
What is the minimum credit score you will accept? |
A: |
We generally do not have a minimum credit score and we will consider loans to borrowers with any reasonable score. However, the credit score, financial strength, nature and type of the real property collateral, the nature and type of the loan requested, the borrower/sponsor character, and demonstrated ability to repay the loan will factor into the terms and conditions of any loan, including the maximum LTV, the down payment required and the interest rate, points and costs. |
|
|
Q: |
In what areas do you lend? |
A: |
California only |
|
|
Q: |
What types of properties will you lend on? |
A: |
We currently lend on non-owner occupied single family homes, multifamily homes, commercial, industrial properties, raw land, and rehab projects and some construction completion. |
|
|
Q: |
Do you offer loans for clients looking to buy, fix and flip? |
A: |
Yes. Please call to discuss your business strategies and lending needs.
|
|
|
Q: |
Are there any Prepayment on your loans? |
A: |
There are generally no prepayment penalties on our standard loans |
|
|
Q: |
What is your minimum loan amount? |
A: |
Our minimum loan amount is $50,000.00. |
|
|
Q: |
What is your maximum loan amount? |
A: |
Our maximum loan amount is $5,000,000. |
|
|
Q: |
Is an appraisal required? |
A: |
We require an appraisal on most loans. However, in our discretion, we may elect not to require an appraisal or otherwise waive or modify the appraisal requirement. For example, we may not require a full appraisal on a commodity type property with a low loan to value and a substantial equity contribution by the borrower. |
|
|
Q: |
What if I have an appraisal done already? |
A: |
We will always consider information contained in an existing appraisal, however all such appraisals are subject to review and may not eliminate the need for an appraisal performed on our behalf. |
|
|
Q: |
Do I need to have a property under contract before applying for a loan? |
A: |
We can pre-approve you for a loan prior to placing a property under contract. Final approval and loan funding will be subject to our underwriting and approval of the real property collateral supporting the final loan. |
|
|
