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203k Loan Officer

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Vergara Capital is an Arizona-based direct lender offering hard money loans to property owners throughout the state. Our approval process is simple, and we can close in as little as 48 hours.

Property Types: SFR, Condos, Multifamily, Commercial, LandWe love to lend on mobile homes!

Loan Types: Bridge, Rehab, Equity Cash Out, 2nd mortgagesWe can do a 2nd on a primary residence if the funds are to be used for business purposes

NO Appraisals for residential properties (unless it’s very unique or in a rural area)
NO Points – we charge a flat fee instead, typically $995 – $1,995 for most 1st mortgagesFee is a minimum of $5,000 for 2nd mortgages
Low Credit Scores Accepted – we check credit, but we are not concerned about the score
Rural Locations – we are fine with rural/remote areas in Arizona
Please note: We do NOT offer ground-up construction loans or consumer-purpose home loans.

Property Geographic Area DetailsArizona
  • Loan Amounts
  • $1,000,000 to $10,000,000
  • Interest Rates
  • 9.5% to 14%
  • Loan Terms
  • 12 to 36 months
  • Origination Fees
  • 1% to 2%
  • Lien Position
  • 1st
Primary Capital SourceAsset Management CompaniesBank Credit LineBank Pledge of Individual MortgagesCrowdfunding
Loan Purpose
Investment Acquisition
Investment Refinance
Improve Subject Property
Use Equity to Invest in Another Property
Invest in a Business
Property Occupancy
Vacant
Tenant Occupied 100%
Owner Occupied Commercial

Maximum Leverage

Purchase Short-Term (no Value-Add)
  • Max LTP Residential: 95%
  • Max LTP Multifamily: 75%
  • Max LTP Commercial: 75%
  • Max LTP Land: 75%
Purchase Long-Term
  • Max LTP Residential: 85%
  • Max LTP Multifamily: 95%
  • Max LTP Commercial: 45%
Refinance Short-Term (no Cash Out)
  • Max LTV 1st Lien Residential: 75%
  • Max CLTV 2nd Lien Residential: 75%
  • Max LTV 1st Lien Multifamily: 75%
  • Max CLTV 2nd Lien Multifamily: 75%
  • Max LTV 1st Lien Land: 75%
  • Max CLTV 2nd Lien Land: 75%
  • Max LTV 1st Lien Commercial: 75%
  • Max CLTV 2nd Lien Commercial: 75%
Refinance & Cash Out Short-Term
  • Max LTV 1st Lien Residential: 74.2%
  • Max CLTV 2nd Lien Residential: 75%
  • Max LTV 1st Lien Multifamily: 75%
  • Max CLTV 2nd Lien Multifamily: 75%
  • Max LTV 1st Lien Land: 75%
  • Max CLTV 2nd Lien Land: 75%
  • Max LTV 1st Lien Commercial: 75%
  • Max CLTV 2nd Lien Commercial: 75%
Refinance Long-Term (DSCR)
  • Max LTV Residential: 75%
  • Max LTV Multifamily: 75%
  • Max LTV Commercial75%
Residential Fix & Flip
  • Max LTP: 75%
  • Max LTC: 75%
  • Max LTARV: 75%
Residential Rehab & Hold
  • Max LTP: 87%
  • Max LTC: 98%
  • Max LTARV: 55%
Multifamily Value-Add
  • Max LTP: 98%
  • Max LTC: 87%
  • Max LTARV: 56%
Loan Programs

CRE Bridge Loans: First Lien
Seniors Housing and Healthcare Real Estate
Age Restricted Housing
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 5 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 70%
Loan-To-Value “Stabilized” (SLTV): Up to 65%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case
Assisted Living (with or without Memory Care)
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 5 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 70%
Loan-To-Value “Stabilized” (SLTV): Up to 65%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case
Continuing Care Retirement Communities (up to 20% Skilled Nursing Revenue)
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 5 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 70%
Loan-To-Value “Stabilized” (SLTV): Up to 65%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case
Independent Living
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 5 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 70%
Loan-To-Value “Stabilized” (SLTV): Up to 65%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case
Medical Office – Multi tenant
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 5 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 70%
Loan-To-Value “Stabilized” (SLTV): Up to 65%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case
Specialty Medical Office – Single Tenant Investment or Owner User
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 3 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 70%
Loan-To-Value “Stabilized” (SLTV): Up to 65%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case
Memory Care Facilities
Loan Amount: $1,000,000 to $10,000,000
Term: Up to 5 Years
Rate: Fixed or Variable
Loan-To-Cost (LTC): Up to 65%
Loan-To-Value “Stabilized” (SLTV): Up to 55%
Purpose: Purchase, Rate and Term Refinance, Cash Out Refinance
Geographic Location: Nationwide
Recourse: Case by Case

Property Types and Loan Types
Property TypesCondoDuplex/Triplex/FourplexLand/LotManufactured/Mobile HomeSingle-Family HomeTownhome
Loan TypesResidential
Specialty Loan Types
2nd Mortgage Equity Cash Out
3rd Mortgage Equity Cash Out
Bankruptcy Resolution
Cannabis Use Properties
Commercial Permanent Financing
Condo Conversion
Debtor in Possession
Junior Liens
Junior Lien Loan Amounts
  • $652222 -
  • $8500000
Junior Lien Interest Rates
  • 95% -
  • 75%
Origination Fees
  • 75% -
  • 85%
Junior Lien Loan-to-Value
  • 20% -
  • 55%
We Fund Junior Position Loans
Junior Lien TypesEquity Cash OutMezzaninePurchaseRefinance
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Land Loan
Land Types Considered
Residential Land
Multifamily Land
Existing Land Improvements Required
Gas
Water
Max LTV for Land
  • 95%
Max LTC for Land Acquisition
  • 99%
Purchase Loan
Max Loan-to-Purchase Price
  • 75%
Borrower Must Have Property Under Contract
  • Yes
Will Provide Proof of Funds Letter
Will Consider Lending on Purchase from Auction
Rehab Value Add Loan
Experience Required
  • Yes
Minimum Number of Value-Add Projects Completed by Borrower
Will Consider Lending on Purchase from Auction
Max LTC for Renovation Costs
Interest Charged for Renovation Costs
  • Entire Amount of Total Project Costs
Typical Number of Days for Funds Draw
  • Value add and opportunistic acquisitions of multifamily (5+ units), commercial real estate and senior housing facilities. Capital improvements limited to 20% of the principal balance of the loan. No gut rehabs or major construction
Construction Loan
Development Experience Required
  • Yes
Minimum Number of Ground-Up Construction Projects Completed by Borrower
  • 25
Max LTC for Ground-Up Construction Costs
  • 75%
Interest Charged for Construction Costs
  • Entire Amount of Total Project Costs
Will Lend on Partially Completed Construction Projects
  • Yes
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Residential Long-Term DSCR Loans (1-4 Units)
Minimum Loan Amount
  • $50000
Maximum Loan Amount
  • $75000
Minimum Interest Rate
Maximum Interest Rate
  • 14%
Minimum Origination Fee
Maximum Origination Fee
  • 3%
Minimum Loan Term
Maximum Loan Term
  • 60 months
Minimum Loan-To-Value
Maximum Loan-To-Value
  • 75%
Minimum Property Value
Seasoning Time
Minimum Debt Service Coverage Ratio
Minimum Credit Score
Will lend on vacation homes and short-term rentals
  • Yes
Will Lend on a Portfolio of Properties
  • Yes

Details and Requirements

Maximum Units for Multifamily Properties
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Payment Structure
Interest Only
Payment Rate
Pre Payment Penalty
  • Yes
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Deposit Required
  • Yes
Will lend to a foreign national
  • Yes
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Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
Will Consider Collateralizing Multiple Properties in One Loan
Will Consider Equity Joint Venture
  • Yes
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Personal Guaranty (Recourse) Required
  • Always
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Credit Check Required
Minimum Credit Score Required 7.5
Appraisal Required for Commercial Property Sometimes
Appraisal Required for Residential Property Always Before Funding
Broker Price Opinion (BPO) Accepted for Residential Property Sometimes
Broker Price Opinion (BPO) Accepted for Commercial Property Sometimes
Additional Details Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Legal Disclaimer This communication is intended for Real Estate Professionals Only, is not a loan approval, agreement or commitment to lend, and is for discussion purposes only. Wilshire Finance Partners, Inc. may make substantial and material revisions to the information contained in this communication. Rates and terms are subject to change without notice. Loans are made by Wilshire Finance Partners, Inc., CA DRE Lic. 01523207 and CA DPFI Lic. 603K729; WFP Income Fund, LLC, CA DPFI Lic. 603K726; WFP Income Fund REIT, LLC, CA DPFI Lic. 60DBO-99184; WFP Opportunity Fund, LLC, CA DPFI Lic. 603K725.
About

Fix & flip and rental loans for purchase or refinance of 1-4 unit, NOO single-family homes, condos, and townhouses.

Year Established
2002
Primary Capital SourceAsset Management CompaniesBank Credit LineBank Pledge of Individual MortgagesCrowdfunding
Loan Structure for Majority of LoansA/B Note Participation with Private InvestorLLC Syndicated InvestorsMultiple Investor Fractionalized Note
Percentage of Loans Secured by Commercial Property 100%
Percentage of Loans Secured by Residential Property 75%
Total Number of Loans Funded to Date 1,250
Total Loan Volume Funded to Date 125,000,000
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