FAQ

You can find answers to some of our frequently asked questions below. If you need further assistance, please contact us or schedule a phone call at your convenience with an expert at We Lend.

We Lend is a hard money lender focused on servicing real estate investors by providing quick and low-cost capital on their investment properties. We Lend’s approach to lending is centered around the investor, therefore allowing the investor to focus more on their investment and less on the loan process. We Lend was founded by a group of real estate investors, whose emphasis was on acquiring and improving distressed properties. So whether or not you are an experienced real estate investor – WeLend’s team has the qualifications to exceed expectations and can assist in the expansion of your real estate portfolio.

A hard money lender is an asset-based lender. Asset-based lending means that the decision making revolves more around the property and less about the borrower. We Lend’s focus is centered around the question of whether the borrower’s acquisition is profitable for the borrower – We Lend wants to ensure that every borrowers acquisition is successful. Many believe that a hard money lender holds the deed to the property; We Lend records a mortgage on the property and the deed is vested in the borrower’s entity.

There are several reasons as to why you should fund your deals with We Lend versus. a traditional lender.

(1) We Lend funds loans as quick as 3 business days; traditional lenders take 90 days on average – sellers prefer quick closings, so take advantage of We Lends closing time.

(2) Sellers prefer dealing with an all-cash buyer and extend preferential treatment for that reason; by choosing to fund your loan with We Lend, you can identify yourself as an all-cash buyer and take advantage of the preferential treatment.

(3) We Lend finances properties in any condition; traditional lenders do not.

(4) We Lend does not require interior appraisals; traditional lenders do.

(5) We Lend finances properties with most issues on title; traditional lenders do not.

(6) We lend finances properties with tenants or squatters; most traditional lenders do not.

(7) We Lend does not ask for pay stubs; traditional lenders do.

(8) We Lend does not ask for bank statements; traditional lenders do.

(9) We Lend does not ask for tax returns; traditional lenders do.

(10) We Lend does not require the borrower to have a job; traditional lenders do.

We Lend is ready to finance up to 90% of the purchase price and 100% of the
construction cost (not to exceed 65% of After Repair Value). However, We Lend’s leverage depend on the borrower’s experience. For example:

• No experience (0 flips): up to 70% of purchase & 100% of construction cost
• Low Experience (1 flip): up to 75% of purchase & 100% of construction cost
• Some Experience: (2-3 flips) up to 80-85% of purchase & 100% of construction cost

• Experienced (3-4+ flips): up to 90% of purchase & 100% of construction cost

• Compensating factors: If the borrower is a licensed General Contractor or
Real Estate Agent then we can add an additional 5-10% leverage (however, it cannot exceed 90% of the purchase price and 65% of ARV)

Our rates depend on the borrower’s leverage.
Rates range between 8.5% and 9.99%.

Almost Free Money.

Unlike other hard money lenders who have fees prior to funding the loan, We Lend does not charge any upfront fees. The only upfront cost is the appraisal fee, which is paid directly to the appraiser.

We Lend is the first lender to introduce the ZERO POINT program. Rather than charging the borrower points at acquisition, We Lend is ready to defer the points to the payoff.

Yes, We Lend only on investment properties. We Lend does not finance owner-occupied properties.

All loans are for a period of 12 months unless the
borrower (prior to funding) notifies We Lend that 12
months is insufficient. Typically more time is needed
when the construction is extensive, for example, there
is a conversion taking place or an extension being
added. If that is the case, We Lend is ready to provide
a 15-18 month terms at no additional cost. There are
no prepayment penalties on our loans, which means
that you can pay We Lend as soon as 5 days and have

no penalty added.

This rarely happens. But in the event it does,
we are ready to extend the term for an

additional fee.

We Lend nationwide with the exception of 7
States. We Lend does not lend in (1) Arizona,
(2) Minnesota, (3) North Dakota, (4) Nevada,
(5) South Dakota, (6) Vermont, and (7) West

Virginia.

No, We Lend does not require experience. So even if you are purchasing your first
deal, We Lend is ready to finance. Remember, We Lend is an asset-based lender,
that’s the reason why we are not strict on experience. However, the more

experience you hold, the more We Lend. For example:

• No experience (0 flips): up to 70% of purchase & 100% of construction cost
• Low Experience (1 flip): up to 75% of purchase & 100% of construction cost
• Some Experience: (2-3 flips) up to 80-85% of purchase & 100% of

construction cost

• Experienced (3-4+ flips): up to 90% of purchase & 100% of construction cost
• Compensating factors: If the borrower is a licensed General Contractor or
Real Estate Agent then we can add an additional 5-10% leverage (however,

it cannot exceed 90% of the purchase price and 65% of ARV)

620 FICO is excellent credit for We Lend. We Lend’s biggest concern with credit is to ensure that the borrower does not have any active or recent bankruptcies, foreclosures, or serious delinquencies, and active judgments. Remember, We Lend is an asset-based lender, that’s the reason why we are not strict on credit – so even if the borrower has a credit score less than 620 We Lend may still fund the deal. (Recent bankruptcies and foreclosures are within the past 2-5 years).

We Lend accepts drive-by exterior appraisals. We Lend understands that not every property is accessible (and that may be the reason why the borrower is getting a discount on the purchase price), so We Lend works with the
borrower to accept drive-by appraisals.

We Lend is ready to send our borrowers proof of funds so that the borrower can
confidently negotiate with the seller or their brokers as a cash buyer. )

Yes, We Lend is ready to introduce our borrowers to wholesalers who find off- market deals. Remember, We Lend’s founders were very active fix and flippers, they are ready to teach all their learned skills and disclose their sources.

We Lend’s minimum loan size is $100,000.

We Lend generally works on a 7 business day turnaround for a first-time borrower. If the borrower is a returning borrower with We Lend, then the turnaround time is 3 business days.

Yes, We Lend recommends getting pre- qualified prior to needing the financing. Normally, borrowers call us within a few days of having to close a deal and although it is doable, it causes preventable stress. So what we recommend is to get pre-qualified by We Lend now, this way when you find a good deal, We Lend within a couple of days.

All We Lend needs to approve a deal is 

(1) Purchase documents, 

(2) Corporate documents, 

(3) Title, 

(4) Borrowers Photo ID,

(5) 620 credit, 

(6) Appraisal (exterior or interior), 

(7) Scope of Work, and 

(8) Personal Financial Statement (self-declared, no bank
statements or tax returns needed).

Absolutely, most of We Lends business comes from brokers. We always strive to protect our brokers because of the value they add to We Lend.

  •  Call us at 212-777-7780.
  • Email us at info@WeLendNY.com.
  • Visit us online at www.WeLendLLC.com
  • Visit us on Instagram @WeLendLLC

Blogs

We’ve here to help educate and guide our customers every step of the way, as your success is our success. Read our up to date articles on residential private money lending in New York and across the country for useful advice and information.