Westar Funding

Real Estate Fix and Flip 101

admin — Wed, 17 Aug 2011 16:45:54 +0000

Here is a great overview on Real Estate Flipping from http://www.tipsforflippingahouse.com/real-estate-flipping.html

When most people think of real estate flipping they think of the classic fixer-upper home. You know, something that just needs paint and carpet and then can be sold for a $30,000 profit. Those exist here and there, of course, but there are a lot of investors looking for them.

If you want to avoid the competition, there are other types of real estate that can be turned for a profit. Here are three examples.

Raw Land Real Estate Flipping
Flipping By Changing Use
Buy Sell Rent

To read the full article please go to:
http://www.tipsforflippingahouse.com/real-estate-flipping.html

Disclaimer

The information contained in this website is for general information purposes only. While we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

10 Steps to Starting a Business – With SBA Tools

admin — Thu, 11 Aug 2011 17:29:15 +0000

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more.

Step 1: Templates for Writing a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name (“Doing Business As”)

Step 7: Get a Tax Identification Number

Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

Startup Resources

There are a number of available programs to assist startups, micro businesses, and underserved or disadvantaged groups. The following resources provide information to help specialized audiences start their own businesses.

Environmentally-Friendly “Green” Business
Home-Based Business
Online Business
Self Employment
Minority Owned Business
Veteran Owned Business
Woman Owned Business
You can save money when starting or expanding your business by using government surplus. From commercial real estate and cars, to furniture, computers and office equipment, find what you need for your business in one place.

Welcome to Westar Funding Inc

admin — Mon, 21 Mar 2011 20:05:50 +0000

Today at Westar Funding, we are focusing on our main loan service programs. Hard money, Commercial Loans and SBA Loans.

Who is Westar Funding?

Westar Funding Inc. has two decades of presence in the private money lending industry. We specialize in Private Money loans up to $1.5 Million and up to $7.5 Million through other programs. Loan scenarios include investment property, SFR, rehab, mobile/land and more.
We give solutions that a bank or traditional lender cannot produce, and that’s the bottom line; we deliver in ways other lenders only wish they could. Fast, easy paperwork, common sense underwriting and twenty-four hour approvals. Submissions are easy, all we require is a 1003 and credit report. Your loan will be approved within 24 hours!

Why choose Westar Funding?

Westar has been in business for over 22 years, surviving the mortgage meltdown because of our honest, straight forward and realistic approach to funding. Working with Westar saves you time and money.

Hard Money

At Westar Funding we give solutions that a bank or traditional lender cannot, that’s the bottom line; we deliver in ways other lenders only wish they could. Think private money. Think fast, easy paperwork. Think common sense underwriting and twenty-four hour approvals.

Commercial

Historically there has never been a better time to finance or refinance a commercial property. At Westar Funding Inc, we have taken our no-nonsense approach and applied it to commercial lending. Talk to an underwriter and use our Quick Qualify form to discover loan opportunities that apply to your situation.

SBA

The Small Business Administration is now empowered by the latest stimulus programs to revitalize the American economy, at Westar Funding we are proud to also be part of this movement. SBA loans require 51% owner occupancy and provide a very high LTV.

To get started with Westar, you can call us, email us, or use the Quick Qualify form. We have an open door policy and you are welcome to come by our office near Seattle. Contact Us.

SBA Proposes Increase in Size Standards

admin — Fri, 18 Mar 2011 23:30:55 +0000

WASHINGTON – A proposed rule published today for comment in The Federal Register by the U.S. Small Business Administration would adjust the size definition of small businesses in professional, scientific and technical services and other services sectors.

The proposed revisions would increase the revenue-based size definition businesses need to meet to qualify as small businesses. They apply to businesses in 36 industries and one sub-industry in professional, scientific and technical services, and one industry in other services sectors.

As part of its ongoing comprehensive review of all size standards, the SBA evaluated 46 industries and three sub-industries in these sectors. Of these, the SBA proposes to increase size standards for 36 industries and one sub-industry and retain current standards for the remaining 10 industries and two sub-industries. SBA’s size standards vary from industry to industry to account for differences among them.

In 2007, the SBA began the process of reviewing and updating size standards based on industry-specific data. Before this, the last overall review of size standards occurred more than 25 years ago. Under provisions in the Small Business Jobs Act of 2010, SBA will continue its comprehensive review of all size standards for the next several years.

The proposed changes take into account the structural characteristics within individual industries, including average firm size, the degree of competition, and federal government contracting trends to ensure that size definitions reflect current economic conditions within those industries.

The changes would allow some small businesses that are close to exceeding their current size standards to retain small business eligibility under higher size standards, giving federal agencies a larger selection of small businesses to choose from for small business procurement opportunities. SBA estimates as many as 9,450 additional firms will become eligible for SBA programs as a result of the proposed revisions, if they are adopted.

The SBA issued a White Paper entitled, “Size Standards Methodology” on Oct. 21, 2009, which explains how the SBA establishes, reviews and modifies its receipts-based and employee-based small business size standards. It can be viewed at http://www.sba.gov/size.

Comments can be submitted on this proposed rule on or before May 16, 2011, online at: www.regulations.gov, where they will be posted, or mailed to Khem R. Sharma, chief, Size Standards Division, 409 3rd St., SW, Mail Code 6530, Washington, DC 20416. For more information about SBA’s revisions to its small business size standards, click on “What’s New” on SBA’s Web site at: http://www.sba.gov/size.

Focus on SBA Refinance

admin — Thu, 17 Mar 2011 20:36:51 +0000

What is the SBA?

The Small Business Administration is an agency of the United States Government. The mission of the agency is to help promote the development and growth of small businesses throughout the United States, predominately through providing loan guarantees to banks and other lenders to encourage them to lend money to small businesses they may not otherwise be able or willing to do. Some of the better known small business success stories that benefited from the SBA in their early years include Federal Express, Hewlett Packard, Nike, Outback Steakhouse and Jenny Craig to name just a few.
Depending on the SBA program and lender, loan proceeds can be used for a variety of purposes, including working capital, equipment andreal estate acquisition and renovation. Larger loans of over $50,000 generally require collateral in the form of assets of the business and real estate of the owners. Smaller loans are often available without collateral and less documentation. Because the loans are backed by the guarantee of the SBA, participating lenders must adhere to strict rules and regulations which include competitive interest rates and fees. The result is a set of small business loan programs designed to provide small businesses the ability to finance just about anything they might need.

There are a few things to keep in mind. The SBA does not lend the money directly, but instead relies on its lending partners, and therefore loan approvals must meet both the lender and SBA guidelines. Small business owners must provide their personal guaranties, and the review of their individual credit will be an important part of the underwriting process. Good personal credit of the owners is very important to obtaining a loan approval.

Learn more about the 504 Loan Program

Financing your business requires research to find the most appropriate funding model. SBA offers a variety of loan programs for very specific purposes. Take some time to study the programs described in this section to see if you qualify to participate.

CDC/504 Program Explained at SBA.gov
The CDC/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed …
SBA Loan Program at Westar Funding Inc
Try out the Westar Quick Qualification form to see if you qualify for a SBA loan

Quick Qualification

Commercial Loans – Which one is right for you?

admin — Tue, 15 Mar 2011 19:28:37 +0000

At Westar Funding we have the ability to provide you with each type of loan, from conforming to SBA and also Hard Money. It is important that you learn about these three options and discover which loan program works for you.

Commercial Conforming

Conforming loans are available in all states and require 650 FICO minimum score, the Max LTV depends on the property type, Multi-use and Special Use. Multi-Use Max LTV is 65%, while Special-Use Max LTV is 60%.

Multi-Use

COMMERCIAL
INDUSTRIAL
INDUSTRIAL CONDO
WAREHOUSE
MIXED RETAIL W/OFFICE
MIXED USE COMM/RES
OFFICE CONDO
OFFICE
DENTAL OFFICE
MEDICAL OFFICE
LIGHT MANU & INDUSTRIAL
RETAIL
OFFICE

Special-Use

AUTO DEALERSHIPS
AUTO SERVICE & REPAIR
ASSISTED LIVING
GROCERY STORES
FUNERAL HOMES
RESTAURANTS
PROPERTIES WITH EXCESS LAND

Commercial SBA

SBA loans follow similar guidelines, however they require 51% or greater owner occupancy. The Max LTV on both Multi-Use and Special-Use is 90%. These loans offer exceptional value, yet do require a high owner occupancy, we highly suggest that if you meet the requiment that you consider taking advantage of this stimulous program provided by the federal goverment via the Small Business Administration.

Hard Money

Available from Westar and in the following states; Washington, Oregon and Idaho. We specialize in bridge loans, often those that close quickly, in as little as one to two weeks. We are a no-nonsense funding group and will work with you to find the best options to meet you needs. Learn more at Hard Money Commercial Loans.