Question 1

What is a hard money loan?

Accepted Answer

A hard money loan is a short-term, asset-based loan funded by private lenders rather than banks. It is secured by real estate collateral and used by investors for purchases, rehabs, bridge financing, and construction in the Washington DC metro area.

Question 2

How fast can WCLD fund a hard money loan?

Accepted Answer

WCLD approves most hard money loan requests within 24 to 48 hours and can fund within 5 business days, depending on the property details and completeness of the application.

Question 3

What types of properties does WCLD lend on?

Accepted Answer

WCLD lends on residential investment properties including single-family homes, multifamily units, and small commercial properties in Washington DC, Maryland, and Northern Virginia. WCLD does not lend on primary residences.

Question 4

What loan amounts does WCLD offer?

Accepted Answer

WCLD typically funds hard money loans from $100,000 to $750,000 for qualified investment properties in the Washington DC metro area.

Question 5

Does my credit score matter for a hard money loan?

Accepted Answer

Credit score is less critical for hard money loans than for conventional bank loans. WCLD focuses primarily on the property value, collateral quality, and the borrower's exit strategy.

Question 6

What areas does WCLD serve?

Accepted Answer

WCLD provides hard money loans across the Washington DC metro area including Washington DC, Maryland (Montgomery County, Prince George's County, Bethesda, Chevy Chase), and Northern Virginia (Alexandria, Arlington, Fairfax County, McLean, Loudoun County, Prince William County).