Wholesaling real estate can be a profitable investment strategy, but securing funding is often a challenge. Traditional lenders have strict requirements, and wholesalers typically need quick access to capital to close deals. This is where hard money loans come in as an effective financing solution.
For real estate wholesalers in St. Louis, Westre Financial Group provides fast, collateral-based loans that cover 100% of the purchase price. Unlike conventional loans, hard money lending focuses on the value of the property rather than the borrower’s creditworthiness. This makes it an ideal option for wholesalers who need to move quickly.
If you are a wholesaler looking for financing options in St. Louis, here’s everything you need to know about securing a loan.
Understanding Hard Money Loans for Wholesalers
Hard money loans are short-term loans designed for real estate investors. They differ from traditional financing in that they are approved based on the value of the property rather than the borrower’s financial history.
Westre Financial Group specializes in hard money lending for investors in St. Louis City and County. The firm funds all loans in-house, ensuring a smooth and fast process. Their primary focus is on financing 100% of the purchase price, helping wholesalers secure properties without delays.
Key Benefits of Hard Money Loans for Wholesalers
- Quick Approvals and Fast Funding: Unlike banks that can take weeks or months to approve a loan, hard money lenders like Westre Financial provide fast approvals. Funding is available as soon as the title company is ready.
- No Credit Checks or Income Verification: Wholesalers don’t need to worry about their credit history affecting their loan approval.
- 100% Purchase Price Financing: Investors can secure a property without needing to cover a significant upfront cost.
- No Hidden Fees: The only cost is a 2% origination fee, which is included in the loan amount. There are no extra appraisal, application, or processing fees.
- No Prepayment Penalties: Borrowers can pay off the loan early without incurring additional costs.
The Process of Securing a Loan for Wholesaling
Wholesalers looking for financing through Westre Financial Group must follow a simple process to get approved.
Step 1: Submit the Borrower Application
The first step is to complete the Borrower Application on the Westre Financial website. If a wholesaler needs a pre-approval letter, it will be provided at this stage.
Step 2: Identify a Property and Complete the Loan Request Application
Once a property has been identified, the next step is to complete the Loan Request Application and provide proof of funds for renovations. Since Westre Financial does not offer rehab loans, wholesalers must demonstrate that they have the capital to complete any necessary renovations.
Step 3: Property Evaluation by Westre Financial
After submitting the property details, Westre Financial will conduct an evaluation. Brad Westre personally inspects the property and assesses the following factors:
- Purchase price
- Renovation costs (to be covered by the borrower)
- Soft charges
- Anticipated selling price based on comparable sales
If the numbers align and indicate a reasonable profit margin, the loan is approved.
Step 4: Loan Approval and Funding
Once approved, Westre Financial provides 100% financing for the purchase price. The loan will be funded as soon as the title company is ready.
Why Wholesalers in St. Louis Choose Westre Financial
For wholesalers, speed and reliability are crucial when securing a deal. Westre Financial offers a streamlined process that allows investors to move quickly and close transactions without unnecessary delays.
Key Reasons to Work with Westre Financial
- Local Expertise: With over 50 years in the real estate industry and more than $143 million in loans funded, Westre Financial has extensive knowledge of the St. Louis market.
- In-House Processing: All loans are processed internally, ensuring efficiency and eliminating third-party delays.
- Investor-Friendly Terms: The focus on 100% purchase price financing allows wholesalers to secure deals with minimal upfront costs.
- Trust and Experience: Having made over 2650 loans, Westre Financial has a proven track record of supporting real estate investors.
Final Thoughts
For wholesalers in St. Louis, finding the right financing solution is essential to closing deals quickly and efficiently. Westre Financial Group provides fast approvals, no credit checks, and 100% purchase price financing, making it an ideal partner for real estate investors.
If you are a wholesaler looking for a reliable hard money lender in St. Louis, contact Westre Financial today. Submit your Borrower Application and Loan Request Application to get started on securing funding for your next deal.
Visit Westre Financial Group to learn more about loans for wholesalers in St. Louis and get approved for your next investment opportunity.