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| A Chicago-based hard money lender is expanding its programs.
WexTrust Capital LLC announced the expansion today. “We are better prepared to consider a broad range of collateral options including but not limited to industrial, office, multi-family, retail and more,” WexTrust executive Amnon Cohen said in the statement. Loan amounts range from $500,000 to $5,000,000 with terms up to three years, according to the announcement. Property acquisitions, mortgage refinances and bankruptcy resolutions are among the typical loan purposes. “Hard money loans provide a viable alternative for borrowers that are rejected by commercial banks or other deposit institutions” because of credit or occupancy issues, the specialty finance company said. “Borrowers receive capital against the value of their holdings, which typically are comprised of real estate.” In addition to industrial, office, multi-family and retail properties, WexTrust will finance non-owner occupied one-to-four unit residential properties, a spokesman told MortgageDaily.com in an e-mail statement. The company, which operates online at www.WexTrust.com, lends nationally and accepts mortgage broker business, the spokesman said. Loan-to-values can go as high as 80 percent and there are no credit score requirements, he added. The typical loan has a 12 percent interest rate with 3 percent in fees. |
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