Almost everybody around the world would be familiar with the city in California known as Beverly Hills. It is home to Hollywood stars, and the rich and famous. Unsurprisingly, lots of interesting projects start here each year, and they require some significant financial investments in order to be completed. However, startup companies, in particular, find it difficult to get their foot in the door.
Wilshire Fund Opens in Beverly Hills
Fortunately, a new company has been launched, which provides hard money loans to those who want to finance a project in this area. Wilshire Fund, as the company is known, aims to provide an alternative way to finance real estate.
Wilshire Fund is a California-based private lender offering finance solutions for real estate borrowers seeking transaction loans and/or cash-out when traditional financing is not available. Our team of expert loan officers specializes in identifying the best rate and terms for loans tied to residential or commercial real estate assets – ranging in value from $200,000 to $15 million.
Background of Wilshire Fund
Although this particular element of the business is new, Wilshire Fund has already existed for some time. They were first established in 2005, serving all of the state of California. Their specialization has been in both commercial and residential loans. The company is also committed to excellence, hiring only those with the best experience in the field. In fact, although the team is small, they have a combined experience of over six decades in real estate consulting, loan brokerage, and commercial real estate.
What the company particularly prides itself on, is their level of service and personal attention. Compared to other financing options in the area, they offer much better rates. Because the cost of living in Beverly Hills is substantially higher than anywhere else in the state – and indeed the country – these are some very interesting proposals that could open up the market to more investors and individuals.
With the average cost of living in Beverly Hills, CA being 463, that puts it 239% higher than the average of California and 363% higher than our nation’s average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index.
Wilshire Fund as Hard Money Lender
As a hard money lender, Wilshire Fund is committed to a personalized service and to make very quick decisions. They offer this commitment to all customers, regardless of the amount they want to borrow. That said, the average price of a home in Beverly Hills is $3,059,600, compared to the national average of $175,700, which does demonstrate that the loan amounts are likely to be substantial.
Some even believe that the prices of homes in Beverly Hills are so substantial that it has become an untouchable market. But for Wilshire Fund, it is about understanding the unique needs of every individual, and the unique offerings of each property. The company has a complex process in place to determine which loans are available, and they are happy to discuss these with anyone interested. In fact, they even offer an online loan application to further expedite the process.
The economic times continue to be incredibly stressful. In markets like Beverly Hills, it seems almost impossible for regular individuals to get so much as a foot in the door. Luckily, hard money lenders like Wilshire Fund aim to change this, thereby ensuring that the market remains not just competitive, but also fair. It is certainly a lender to watch, therefore, and one that could provide people with the opportunity to purchase a luxury property.