COVID-19 Changes to Hard Money Loan Programs
Since the onset of the COVID-19 outbreak, we have seen a high level of volatility and changes in the secondary capital markets. Due to the changes being implemented in these markets, we must make adjustments to the loan programs that we offer. In an effort to continue serving our investor clients with the proper expectations for new loan applications, please read the following changes (this list is subject to change and we will be making updates as needed on a day-to-day basis).
- We are placing all closings on all new Rental Loans on hold until further notice
- New loan applicants can expect an increased amount of time from application to loan closing due to heavier deal analysis
- Loans on single-family properties are still being processed, however loans on multi-unit properties are being considered on a strict case-by-case basis
- New Construction loans are being considered on a strict case-by-case basis as well
We know that limitations on certain loan programs can be frustrating for those investors seeking those types of loans, but please understand that these restrictions are necessary in order for WCP to continue serving our clients. We hope that the market recovers quickly and that we are able to lift these restrictions as soon as possible. At that time we will be sending out emails to inform our contacts, so if you would like to receive those email notifications or if you have other questions please fill out the quick form below.