Loan Terms and General Notes

Westchester Lending is your number one choice for hard money lending in Dallas, Fort Worth, San Antonio, Austin and surrounding areas. Our Core Values: Honesty and Transparency in all loan transactions. We loan for fix-and-flips, rehabs and distressed properties only. Fast approval and higher flexibility, less paperwork.

  • Loan Amount Limits: $50,000 - $200,000

  • We lend 65-70% of current value of property, up to 75% of ARV.

  • 3-Point (3% of original Loan Value) paid to Westchester Lending at closing.

  • 12% Annual interest rate or 1% Monthly Interest Rate. Interest payments are due at the beginning of each month on a day selected by borrower.

  • Borrower has the option to finance 100% of rehab costs to be disbursed in draws. $200 inspection fee applies for every draw.

  • $750 loan document fee collected at closing.

  • 6-month interest rate payments will be held back on an” Interest Reserve Account” and returned to borrower at loan payoff.

  • All Loan periods are 4-Month Loan Periods or less. If loan is not paid off within 4 months, a 2-point fee (2% of original loan value) will be paid to Westchester Lending and monthly interest rate payments will continue to apply. Overall loan period not to exceed 6 months.

  • Proof of 4-month property insurance prepaid at closing.

  • All property taxes and any existing liens must be paid prior to closing.

  • Property must have clear title prior to closing.

  • A property inspection by a professional Home Inspector is required prior to loan approval. Borrower will pay for inspection report.

  • We only lend for business purposes. We do not fund owner occupied properties, second homes, vacation homes or any other property that is not for commercial or business use. Borrower to sign a “Non-Owner Occupancy Disclosure” on the online loan application prior to closing.

  • A minimum of 3-month interest payments must be paid to Westchester Lending, regardless of loan duration.

  • Westchester Lending only funds first-position liens.

  • Partial Lien Waiver to be signed by contractor doing remodeling work to allow Westchester Lending to assume first lien position.

  • “As Is” value of property is calculated using a Broker Price Opinion (BPO). We do not conduct formal appraisals.

  • Loan not based on borrower’s credit history and/or income. Loan is based on value of real estate asset and borrower’s ability to pay back the loan. No credit checks. Loan funds given to borrower are secured by property collateral backing the note.

  • Westchester Lending only lends in Dallas, Fort Worth, San Antonio, Austin and surrounding areas.

  • Westchester Lending reserves the right to approve or deny a loan to anyone for any amount regardless of borrower’s ability to repay loan and regardless of any motives or circumstances.

  • Borrower must take real property title in an entity (LLC, Inc., LP, etc)

  • Loan Review: It takes 2-3 days for loan approval or loan denial. We will schedule a site visit and you must be present at the site visit.

  • Loan Closing: It will take place at title company chosen by Westchester Lending. Timeline to close loan is about 2 weeks minimum, but it might occur sooner depending on title company
    availability, paperwork completeness, among other factors.

  • By signing online application, Borrower acknowledges receipt of loan terms, general notes and Commercial Deed of Trust contract and promises to pay loan back to Westchester Lending under the terms and conditions mentioned above.