At One West, we specialize in providing hard money loans tailored for real estate investors and developers in the St. Louis area. While our loan process is designed to be quick and efficient, we also take due diligence seriously to ensure every deal is set up for success. If you’re considering applying for a loan with One West, it’s essential to know what information we’ll need to evaluate your request.
Here’s a breakdown of the key factors we assess when reviewing a borrower’s loan request.
1. Property and Loan Purpose
One West focuses exclusively on real estate investment projects. We do not originate consumer loans or owner-occupied loans. Additionally, the property must meet specific criteria:
- Property Size: The home must be at least 750 square feet.
- Loan Purpose: We’ll ask whether you are requesting funds for a light, medium, or heavy rehab and the scope of the work involved.
Understanding the details of your project helps us determine the right loan terms for your needs.
2. Experience and Track Record
We place a strong emphasis on your experience in real estate investing, particularly within the St. Louis metro area. We’ll want to know:
- How many deals have you completed in the last 3 years?
- How many of those deals were completed in the St. Louis metro area?
- How many light, medium, and heavy rehabs have you completed in the last 3 years?
Your track record demonstrates your expertise and ability to execute projects successfully, which increases our confidence in your loan request.
3. Local Residency
Real estate markets vary significantly, and familiarity with the local market is a critical factor for success. We’ll ask:
- Do you permanently reside in the St. Louis metro area?
Local borrowers often have a better understanding of the regional market, making them well-positioned to capitalize on investment opportunities.
4. Financial Stability
Your financial standing is an essential consideration. We’ll need to know:
- How much cash do you have on hand?
- How much cash are you prepared to invest in the project?
These details help us assess your ability to cover down payments, rehab costs, and unexpected expenses that may arise during the project.
5. Credit and Risk Assessment
While hard money loans don’t rely solely on credit scores, understanding your financial history is still important. We’ll ask:
- What is your credit score?
- Have you ever defaulted on a loan?
- Have you had any foreclosures in your past?
- Have you ever filed for bankruptcy?
These questions help us gauge potential risks and determine the best loan terms for your situation.
6. Legal and Financial Liabilities
Outstanding legal or financial issues can complicate a real estate project. We’ll need to know:
- Do you have any liens or judgments against you?
- Are you involved in any pending litigation?
Transparency is critical. Addressing these issues upfront allows us to evaluate the feasibility of your loan request and offer guidance where appropriate.
Why One West Asks These Questions
At One West, our goal is to support successful real estate investments while minimizing risks for both the borrower and lender. By gathering detailed information about your experience, financial standing, and project plans, we can tailor our loans to meet your specific needs and ensure the best possible outcomes.
How to Prepare for Your Loan Request
Before submitting your application, it’s helpful to gather and organize the following:
- A summary of your past real estate deals, including rehab types and locations.
- Details about the property you’re seeking financing for, including size and rehab plans.
- Documentation of your financial standing, including available cash and credit history.
- A list of any potential legal or financial complications.
Being well-prepared demonstrates professionalism and helps expedite the loan approval process.
Get Started with One West Today
If you’re ready to take the next step in your real estate investment journey, One West is here to help. Our hard money loans are tailored to the needs of St. Louis-area investors, offering fast approvals, flexible terms, and expert support.
Contact us today to discuss your loan request and discover how we can help you achieve your investment goals. Call us at (314) 907-3730 or email loans@onewesthardmoney.com to get started.
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