A hard money loan refers to a loan that is secured by a tangible or “hard” asset (i.e. real estate). They are most commonly used to acquire and repair distressed properties in order to either sell them for a profit or keep them as a rental property. Real estate investors regularly use hard money loans to leverage their own capital and flip a greater number of properties.
All we need is the property address, offer/contract price, estimated renovation costs, and ARV (After Repair Value). With this information, we can underwrite the deal and can provide you with a loan breakdown, with rates, and an estimated cash to close.
LTC stands for “Loan to Cost” and is a lending metric based off of the total project cost (purchase price + construction costs) of a property.
LTV stands for “Loan to Value” and is a lending metric based off of the ARV of a property.
No, WCP lends only to business entities (LLC’s, C Corps, etc.). Registering a business entity is easier than many think, and the process can often be started online through your state government.
You’ll need personal, entity, and property-specific documents, depending on whether you’re applying for a bridge or rental loan.
If your loan includes construction draws, you’ll need a builder’s risk policy—typically covering the full loan amount. For refinances with no planned renovations, a standard homeowner’s policy may do. All properties also require a general liability policy.
We typically send funds via ACH, since there are no associated fees. Bank wires are also available upon request.
Yes, we will perform a credit check after receiving a loan application that includes your signed authorization to pull credit.
We prefer a credit score of 680+, but a lower score won’t necessarily disqualify you. It may just impact your rate or down payment.
