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| Lending Programs | |
Each loan Wheelock makes is tailored to the individual borrower and specific property. Generally speaking, we make short-term loans, ranging from two months to one year, for real property construction or improvement. The following table contains our typical lending terms and criteria. Of course, each loan is unique, and our ability to be flexible is one of our greatest strengths. |
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| Lending Amounts | $50,000 - $2,000,000 |
| Property Types | Office buildings, retail, industrial, single & multi-family residential, condominiums, self-storage, and others |
Loan-to-Value (LTV) |
Typically 65%, with exceptions up to 75% |
Lien Position |
Firsts strongly preferred. Seconds considered depending on situation. |
| Cross-Collateralization | You can cross-collateralize to maximize loan amounts. |
Rates |
Starting as low as 9.99% |
| Fees | As low as 3% of loan commitment |
| Terms | 1- 12 months |
| Broker Fees | Brokers paid through escrow |
| Close | 5 - 10 days |
| Credit/FICO Score | We consider credit score but do not have a minimum credit score requirement. We are more interested in the value of the collateral and the feasibility of the project. |
Document Preparation and Legal Fees |
Typically $700, but depends on the loan. |
| Loan Processing Fee | Typically $300, but depends on the loan. |
| Prepayment Penalty | None |
| Interest Reserve | Depends on the loan. |
| Construction Loans | Holdback and draw process. |
Income and Project Verification |
We generally require tax returns, financial's, rent rolls, appraisals, project budgets, project pro formas, and/or bank statements to assess your ability to re-pay. The project's success is a critical factor. |
Listing Properties |
Yes, you can borrow on properties listed for sale. |
| Seasoning | Generally no seasoning on properties or funds. |