ABOUT US
Brad and Barb Westre have been in the hard money business since 2001 and have made over 2650 loans totaling over $143,000,000. They have been in the residential rental business since 1972 and have owned and managed as many as 300 properties at one time. They also owned a property management company managing as many as 850 rental properties. Needless to say none of our competitors have this level of experience which places us in a unique position to guide investors thru the purchase and renovation of residential rental property. We pride ourselves on keeping investors out of bad deals. We fund all of our loans and have no borrowed or investor funds.
What is hard money?
Hard money is a lending source that is strictly collateral based. There is little or no
weight given to the credit worthiness of the borrower. If the collateral makes sense the
loan is approved.
How does our system work?
The borrower completes the borrow application from our web site. If a borrower pre approval letter is requested it is provided at this point. If a property has been identified the property application is completed. Proof of funds necessary to complete rehab must be submitted with application. Brad will visit the property the next day and evaluate four criterions: purchase price, renovation cost, soft charges, and anticipated selling price based on the comparable sales in the area. If this evaluation results in an expectation that the borrower will make a reasonable profit the loan is approved for 100% of the purchase price and will fund as soon as the title company in ready.
What don't we do?
We only loan in St Louis city and county. This is our area of expertise. We don’t loan rehab funds. In our opinion if you don’t have rehab money, you don’t belong in the business.
We don’t loan in a flood plane. The cost of flood insurance is prohibitive. We don’t add junk fees (credit check, appraisal, processing, and application). Only fee is 2% origination fee which is added to loan.
Why Westre Financial Group?
Low cost
Fast and reliable funding
100% of purchase price loan
No junk fees
Non Missouri residents welcome
All loans processed in house
No prepayment penalty