For real estate investors in St. Louis, speed is everything. The ability to close quickly on a property can mean the difference between securing a great deal and losing out to the competition. Traditional financing can be slow, requiring extensive paperwork, credit checks, and lengthy approval times. Hard money loans provide an alternative—offering fast closings based on collateral rather than creditworthiness.
If you’re looking for fast closing real estate loans in St. Louis, understanding the process is key. Below is a simple 10-step guide to getting a loan quickly with Westre Financial Group.
1. Understand the Loan Requirements
Before starting the application process, it’s important to know what hard money loans cover. Westre Financial Group provides 100% of the purchase price but does not finance rehab costs. Investors must have their own funds for renovations. Additionally, loans are only available for properties in St. Louis City and County.
2. Prepare the Borrower Application
The first step to securing funding is completing the Borrower Application. This provides Westre Financial Group with basic details about you as an investor. If you need a pre-approval letter, it will be provided at this stage.
A well-prepared application ensures there are no delays, allowing you to move quickly when you find the right property.
3. Identify the Property
Once you find an investment property, submit the Loan Request Application with all relevant details. The loan approval process is based on collateral, meaning the property itself must meet lending criteria.
At this stage, investors must also provide proof of funds to cover renovation costs, as these are not included in the loan.
4. Schedule a Property Evaluation
Westre Financial Group evaluates each property before approving a loan. Founder Brad Westre personally visits the property to assess four key factors:
- Purchase price
- Estimated renovation costs
- Soft charges
- Expected selling price based on comparable sales
This evaluation ensures the investment is profitable for both the borrower and lender.
5. Get Loan Approval
If the numbers make sense and the property qualifies, the loan is approved. Because credit scores and income verification are not required, the process is much faster than traditional bank loans.
Investors receive approval for 100% of the purchase price, allowing them to proceed without worrying about upfront costs.
6. Work With a Reliable Title Company
A crucial part of the closing process is working with a title company. Westre Financial Group funds loans as soon as the title company is ready. Choosing an efficient title company that can process paperwork quickly helps prevent unnecessary delays.
7. Ensure All Documents Are in Order
To avoid setbacks, ensure that all required documentation is properly prepared and submitted on time. This includes:
- Completed loan applications
- Proof of funds for renovations
- Title company paperwork
Delays in submitting documents can slow down the loan approval and closing process.
8. Avoid Unnecessary Fees and Delays
One of the advantages of working with Westre Financial Group is no junk fees. Unlike many lenders, they do not charge for credit checks, appraisals, processing, or application fees.
The only cost associated with the loan is a 2% origination fee, which is added to the loan amount. This keeps the process transparent and free of unexpected charges.
9. Close the Loan and Secure Your Investment
Once the title company finalizes all paperwork, the loan is funded, and you can close the deal. Since hard money loans focus on collateral rather than creditworthiness, the process is much faster than traditional financing.
With funding in place, you can move forward with your investment property and begin renovations.
10. Plan for a Profitable Exit
Westre Financial Group structures loans to help investors succeed. Whether your goal is to fix and flip or hold the property as a rental, planning your exit strategy is key.
Since there are no prepayment penalties, investors can pay off the loan early without extra fees. This flexibility allows you to maximize profits and reinvest in future projects.
Fast Closing Real Estate Loans in St. Louis – Get Started Today
Closing on an investment property quickly requires a lender that understands the market and moves fast. Westre Financial Group has been providing hard money loans in St. Louis City and County since 2001, with over 2650 loans funded and $143 million in lending.
With 100% purchase price financing, no credit checks, and fast approvals, investors can secure real estate deals without the delays of traditional loans.
If you’re looking for a trusted hard money lender in St. Louis, get started today. Download the Borrower Application and Loan Request Application, or contact Westre Financial Group at (314) 626-4442 to learn more.