We currently offer funding for Utah and Idaho only.
borrower loan application
Borrower FAQs
1 Who we are.
Wasatch Finance is a Utah-based private money lender focused on serving the needs of small to medium-sized real estate investors.
2 Why Wasatch Finance?
We respond to all inquiries within 1-business and oftentimes within the hour. Fast approval process, with most loans funded within 3–5 business days.
- Competitive rates
- Creative solutions
- Transparent fees
- Fast approval and funding
- Flexible terms
3 In which states does Wasatch Finance offer financing?
We currently provide funding in Utah, Idaho, and California.
4 What is the minimum/maximum loan amount?
$50,000 – $2,000,000
5 Does Wasatch Finance provide subordinate (second trust deed) financing?
Our investors typically require a first-position lien. However, we can provide financing to pay off existing loans, effectively moving Wasatch Finance into the first position. This structure gives borrowers greater flexibility to access the capital they need.
6 How much do I need to put down?
Zero in the case of a cash-out refi. Wasatch Finance generally lends up to 70% of appraised value (50% on undeveloped land), meaning the borrower must have at least 30% equity. However, we oftentimes use two or more properties to get borrowers the money they need.
7 What if I don’t have 30% equity?
Wasatch Finance delivers creative solutions for our borrowers. We can cross collateralize additional properties, if necessary, to provide the loan amount you need.
8 What information do I need to provide to start the process?
Click on the Apply Today button, and answer some basic questions, after which you will hear from us within 24-hours, and oftentimes the same business day.
9 How long does it take to fund a loan from start to finish?
Wasatch Finance can typically provide conditional approval within one business day and oftentimes within a matter of minutes. Loans can generally be funded within 5–7 days after receipt of supporting documentation and formal approval.
10 How do I expedite the process?
Complete the questions on the Loan Application page accurately and completely.
11 What if I have less than perfect credit?
Wasatch finance is an asset-based lender as opposed to banks or traditional mortgage companies, which have strict income and credit guidelines. We can oftentimes approve and fund deals our competitors can’t.
12 Does Wasatch Finance require borrower experience?
No. However, experience can be a positive factor depending on the amount and terms the borrower is looking for.
13 What does Wasatch Finance typically charge borrowers?
Rates vary depending on loan size, term, and collateral, but most loans are currently 1% per month/12% per year, interest-only.
14 Are there additional costs or fees besides the interest charged?
Borrowers typically pay 3% of the amount of the loan, plus applicable title, escrow, credit report, and appraisal fees, if any.
15 Does Wasatch Finance only lend on investment properties?
Wasatch Finance does not lend on owner-occupied (residence) properties. We provide business purpose financing
16 How much time do borrowers have to repay their loan?
Terms typically range between 6-months and 2-years.
17 Does Wasatch Finance require a minimum credit score?
No. Our loans are asset-based, however, we will consider credit score depending on the amount and terms the borrower is looking for.
18 Is a formal appraisal required?
Wasatch Finance requires an appraisal on every loan, however we can use a broker’s price opinion or hybrid appraisal in lieu of a formal and more expensive full appraisal.
19 Can Wasatch Finance provide proof of funds for contract negotiations?
Yes, once a borrower is approved, which typically is done in one business day, we can provide POFs to the seller or seller’s agent.
20 What documents will I need to provide to prior to funding?
Purchase documents, title company information, corporate documents, if any, state-issued photo ID, appraisal (if available), and personal financial statement.
21 Does Wasatch Finance work with brokers?
Absolutely. We work closely with real estate brokers, agents, and mortgage brokers and agents, and pay a 1% referral fee.
22 How can I contact Wasatch Finance?
Call us at (928) 927-2824, or email us: mark@wasatchfinance.com.
