Westmoore Group

About Westmoore Group

Westmoore Group is private lender based in Atlanta, GA. They offer loans in Georgia and Florida. They provide hard money loans for commercial properties and short term bridge loans. They offer loans on the following types of properties: multi family residences, office units, retail storefronts, industrial buildings, mixed use buildings, and hotels.

Loan Types Offered: Commercial Hard Money Loans, Bridge Loans

Property Types Covered: Multi Family, Office, Retail, Industrial, Mixed Use, Hotel

Areas Served: GA, FL

Lending Guidelines for Westmoore Group

Below are the general loan guidelines published on the Westmoore Group website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Westmoore Group.

Loan Example 1

To accommodate her business, Bette decides to buy a new building. After she is denied a standard loan from her bank, she obtains a commercial private money loan from Westmoore Group. The new building is listed for $310,000. Bette will need to put 35% down, or $108,500, since the lender will only fund 65% of the transaction (the loan to value or "LTV"). This means that the principle on the deal is $201,500. Additionally, the lender will charge a 2 percent origination fee along with the 8%, 18 month term on the loan. They agree to not charge a pre-payment penalty in case Bette pays off the loan before it expires. Bette can eliminate the note at any point in time by paying back the $201,500 of principle, but she will must pay $1,343 /month interest payments ($201,500 principle x 8% interest / 12 months per year) in the interim, or until the loan expires. Since there isn't a pre-payment penalty, the only other expense she would have to pay is the $4,030 origination charge which she will contribute at the closing.

Loan Example 2

Casey takes a hard money bridge loan from Westmoore Group so he can remodel a house to resell in Miami, FL. The deal has the following parameters:

$170,000 sales price
55% loan-to-value (LTV)
12 month term
13% interest rate
4% origination fee

Casey plans to sell the property when the note expires for $246,500. If he accomplishes his goal, the outcome would be as follows:

$246,500 sales price
- $93,500 principle (55% LTV)
- $76,500 cash paid at closing (45% on 55% LTV)
- $3,740 origination points (4% of the $93,500 principle amount)
- $12,155 total interest paid (12 months x 13% interest)
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= $60,605 gross profit (does not include taxes or rehab costs)

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