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Vestin Mortgage

Vestin Mortgage is a short-term real estate as well as construction lender. Vestin serves a variety of borrowers who may be looking for loans on development/construction property, income, acquisition, in addition to loans on unimproved land. Vestin is also proud they can assist borrowers who desire very short-term, bridge financing, which allows the borrower time to obtain permanent funding. Vestin holds a mortgage broker’s license in Nevada and they obtain borrowers via referrals, repeat clientele, as well as other licensed brokers in accordance with Nevada law. Vestin has brokered close to 800 loans for approximately 1,500 borrowers, totaling $1.8 billion since 1995. Vestin currently services 118 loans with approximately $442 million outstanding. The majority of Vestin loans are between $2.5 million and $10 million despite the fact they have occasionally also brokered several loans between $10 million and $45 million. The majority of Vestin loans are for a 12-month term although their loans do range from a two-month term to a three-year term. Vestin does consider extending loan terms for up to one additional year IF the borrower has performed as established and agreed upon, as well as being able to meet other criteria Vestin may need to qualify them.

Those consumers who borrow from Vestin get the advantage of loans that can be quickly processed as opposed to the common banking delays or documentation requirements.

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Vestin’s underwriting staff very carefully chooses the safest loans. They mostly rely on the location and value of the real estate that is proposed as security. Vestin does have one rule of thumb they try to follow and that is: "If it’s not worth owning, it’s not worth loaning". Before lending, the property is personally inspected by Vestin and an appraisal is secured. There are other procedures and/or factors involved but this is the gist. Generally, Vestin has three key underwriting criteria which are: 1) LTV – They look for realistic valuations and then lend within the above LTV ranges dependant on the type of property, location, and other critical factors, 2) Loan-to-Cost (LTC) – They need to know the cost of the property and this is irregardless of whether the borrower is purchasing the property as part of the transaction or the borrower already owns it. For development/construction loans, they need to ascertain the cost of the land and will also need the breakdown of costs for all soft/hard construction costs, and 3) Exit Strategy – Vestin needs to know the background of the borrower as well as the borrower’s experience with completing similar projects, as well as the borrower’s access to takeout financing.

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Loan-to-Value (LTV)
Land Loans– between 35% & 60%
Commercial RE Loans – up to 75%
Bridge Loans – up to 75%
Vertical Construction Loans – between 60% & 75%
Acquisition & Development Loans – between 50% & 60%

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California Mortgage Loans is not directly affiliated with any mortgage broker or lender and cannot make any guarantee as to the lender affiliation of any broker or agent which contacts you. Company information on our site is for informational purposes only.