New Wave Loans Financing—Products, Costs, and Closing Timelines


New Wave Loans is a private lender primarily operating in the South Florida property market. The company (LLC) focuses on investment-purpose real estate loans targeted toward domestic and foreign national borrowers. They have adequate capital backing and can fund the purchase of luxury properties and estates as well.

No matter how attractive a lender seems, smart borrowers always do their research before decision-making—and we’re here to help you with that. This guide will help you navigate the ins and outs of New Wave Loans—we’ll be discussing:

  • Financing products
  • Ideal borrower profile
  • Lending logistics
  • Top competitors

New Wave Loans—Lending Philosophy and Products

New Wave Loans predominantly offers private mortgages—also called hard loans or hard money loans. The main concept behind the products is that the underwriting process largely depends on collateral valuation, not the borrower’s traditional financial markers like credit scores and debt-to-income (DTI) ratios.

Because the loans are asset-based, New Wave Loans, like other hard money lenders, services much lower loan-to-value (LTV) ratios than banks. Currently, the company doesn’t offer more than 65% LTV. That way, if the collateral has to be sold to pay back the loan, the lender can recoup 100% of its investment and lending costs. The company only holds first-position liens to have preferential treatment in such situations.

You can reach out to New Wave Loans for the following products:

  1. Commercial property loans
  2. Residential property loans
  3. Portfolio loans 

Source: Palo Cech

Commercial Property Loans

Commercial property loans are generally taken out by property developers and construction businesses. At New Wave Loans, you can qualify for funding for a range of real estate assets, such as:

  • Single-family homes (aggregation)
  • Retail and office structures
  • Mobile home parks
  • Land (strategic infill only)
  • Hospitality industry structures
  • Strip centers

New Wave’s commercial loans cover construction projects that require draw-based payments. You can also go for blanket loans if you want to purchase or refinance multiple properties. A blanket package allows the borrower to sell off pieces of the collateral and adjust the mortgage sum accordingly.

Refer to the table below to understand the basic lending parameters at New Wave Loans:

FeatureCommercial Loans
Loan size$200,000 to $50,000,000
Term1–3 years
LTVUp to 65%
Interest rateStarts at 8.75%
Interest-only payments with balloon repayment at maturity
Rate adjustable annually
OriginationStarts at 1.75 points
Prepayment penaltyUsually none

The lender is open to offering bridge loans for unstabilized or underdeveloped commercial assets. You can settle the loan when the property turns eligible for a traditional long-term mortgage. The arrangement is also suitable for financing properties while looking for buyers.

Residential Property Loans

If you’re a homeowner without any commercial intent, you can consider New Wave Loans for financing vacation or rental investment homes. The company currently doesn’t finance owner-occupied homes as the activity requires strict adherence to various laws and statutes installed to protect the borrower.

You can acquire residential property loans (vacant or tenant-occupied) for:

  1. Single-family homes
  2. Multi-family homes
  3. Condos
  4. Mixed-use structures

The lender may offer new construction loans for residential structures. It also assists with property rehab loans—and there is no ceiling on the number of properties you can fix and flip! The lending parameters for these products are not available to the public. New Wave Loans can service residential loans to borrowers with:

  • Average-to-low credit scores
  • Partial ownership (all owners of the property must apply for the loan)
  • No demonstrable stream of income 

Portfolio Loans

New Wave Loans offers portfolio loans—essentially loans that won’t be sold off in the secondary market. The lender provides in-house financing, which allows the company to keep the serviced loans on its own balance sheet.

Portfolio loans have flexible underwriting requirements and may be available at lower interest rates than regular hard money loans. Since the lending risk is higher, these products are only offered to borrowers with lucrative projects that have little to no chance of capital losses.

Source: The Coach Space

What Is the Ideal Borrower Profile at New Wave Loans?

The ideal borrower profile of New Wave Loans includes people who:

  • Are cash-strapped, asset-rich—People with equity built up in an asset can use it as leverage for in-hand cash for new investments and acquisitions
  • Have credit issues—The lender can overlook poor credit scores if the collateral is healthy and the repayment strategy or project profitability makes sense
  • Are rejected by banks—New Wave Loans is welcoming to people who’ve been struggling to get bank and credit union loans due to the unavoidable red tape
  • Can manage a large down payment—If you’re looking to purchase a property, you must have saved up enough for at least a 35% down payment and the financing cost
  • Won’t default—The company specifies that the company “cannot afford defaults (none, nada, zilch).” It keeps its underwriting process strict to ensure only candidates with the strength to keep up with a payment schedule qualify

New Wave Loans—Application, Closing Timeline, and Costs

New Wave Loans loans are built on direct discussions with the team. Go to the lender’s website and click on the CONTACT tab to find the following inquiry form:

Source: New Wave Loans

As you can see, it has pretty simple fields—fill them out and wait for the lender to contact you. You can apply for loans as:

  • Individuals
  • Corporations
  • Single-purpose LLCs
  • Trusts (in rare cases only)

The processing timelines vary for different deals. In general, the lender will interact with the candidate to discuss various facets of the deal, such as profitability, taxation, default risk, reporting requirements, and insurance. If the company and the applicant are on the same page regarding funding, the company will proceed with detailed loan processing.

New Wave Loans typically takes 10–14 days to close commercial loans, provided the asset due diligence and title review exercise goes smoothly. Residential loans may have longer timelines as they call for more paperwork.

Keep in mind that you’ll have to deposit some amount during processing, but you can eventually adjust it with your closing expenses. Besides the origination points and some pass-through costs, you have to pay around $2,000 toward administrative charges and a small upfront fee.

Are There Better Alternatives to New Wave Loans?

New Wave Loans is an excellent lender for anyone that cannot (or doesn’t want to) get bank loans. While the company is relatively new, it doesn’t burden you with stringent credit requirements and income verification exercises.

We couldn’t find many descriptive reviews of the lender online, so we wouldn’t compare it with other companies in the market. That being said, note that hard money lending is a customer-centric industry—it’s sensible to explore other lenders to see who offers deals that fit you like a glove. You can benefit from:

  • Lower interest rates and lender costs
  • Shorter funding timelines
  • Lighter paperwork
  • More accommodating terms

If you’re looking for a custom-made loan from a lenient lender, explore your options at Hard Money Loan Solutions (HMLS). It is one of the top private lenders in the Florida real estate space, catering to almost all borrower profiles, including:

Get in Touch With Hard Money Loan Solutions for White-Glove Real Estate Financing!

Hard Money Loan Solutions is a direct lender servicing private mortgage products customized to a borrower’s needs. Whether you’re looking at primary residences in Florida, running a real estate-based business, or building your portfolio with attractive investment properties in the state—the group can finance all deals with a painless approach. Reach out to HMLS for:

At HMLS, you don’t have to meet the typical lending standards of banks. The group works with less-than-sterling credit profiles and puts no cap on the number of properties a borrower can hold. You can access financing for all types of residential and commercial structures, including office buildings, hospitality-type properties, strip malls, industrial buildings, and large condos.

Source: Tiger Lily

Many private lenders lure borrowers in with low rates, but the final package ends up being too expensive. At HMLS, there are no surprises. The group sticks to fixed lending parameters, shown in the table below:

ComponentHMLS Loans
Loan size$100,000 to $50,000,000+
Interest rate9.99%–12% (fixed-rate mortgage)
Term1–3 years (can be renewed if the collateral value sustains)
Installment typeInterest only (non-amortized)
LTV offeredUp to 70%
Origination fee2 points or 2%
Prepayment penaltyNone (if repaid after six months)
Eligible borrowersIndividuals
LLCs and corporations
Other business entities
Qualification requirementsProfitable deal or a sensible repayment strategy (for purchases)
Sufficient property equity (for refinances)

HMLS—Application, Closing Timeline, and Costs

The HMLS team builds direct relationships with applicants to design customized lending solutions. The process is optimized in three steps:

  1. Online application and a phone discussion—You have to fill out a simple online form to request an HMLS loan. The lender will review your property and call you to discuss the approval situation and related logistics, typically within 24 hours
  2. Property appraisal—HMLS will independently evaluate your property to set up a loan package unique to your situation
  3. Legal compliances and closing—If an applicant commits to a loan, HMLS will work with a legal team to solidify the agreement and disburse the funds

Clients with straightforward title checks can access funds within 3–10 days. The closing timeline can be slightly extended if the deal requires complicated compliances like collateralization of multiple properties or non-real estate collateral.

At HMLS, you don’t pay anything besides the origination and pass-through costs. The lender does not charge administration/upfront fees or separate heads for processing, rate-locking, and releasing funds. You can save up to $8,000 compared to lenders who have a plethora of hidden cost components.

HMLS doesn’t ask for down payments—as a borrower, you have the autonomy to acquire the funds and finish the purchase or construction at your own convenience.

Why an HMLS Loan Would Serve You Well

HMLS is a 5-star rated lender backed by numerous positive reviews from homeowners and investors. The group thrives because of its relationship-based service and sincere investment in a client’s success. From a logistical viewpoint, HMLS excels by:

  • Providing full transparency
  • Downsizing the paperwork requirements (you only submit basic collateral-related documents)
  • Facilitating fast and reliable communications
  • Accommodating loan modifications
  • Imparting free one-on-one guidance on real estate financing

Source: Google Reviews

HMLS is managed by a team of veteran Florida lenders and entrepreneurs who empathize with the struggles of the real estate market. They have a lenient and practical approach toward defaults—if a borrower reaches out with a problem, HMLS will try to:

  • Tweak the loan terms
  • Brainstorm alternative repayment strategies

Apply for an HMLS loan and benefit from an insightful consultancy on your funding situation.

Other Competitors of New Wave Loans

Here are some other private lenders you can explore—click on the desired one to get a detailed review:

BridgeWell CapitalCapital Funding Financial, LLCEquityMax
RBI Private LendingM&M Private Lending GroupMonroe Funding Corp
Taylor Made LendingHard Money Lenders IOBoyd
Benworth CapitalTitan FundingLord Mortgage & Loan
Birchwood LoansInsource FundingDKC Lending
HardMoney CompanyThe Associates Home Loans of Florida, Inc.A to Z Capital
LendingOneHG MortgageLondon Financial

Keep in mind that most of the lenders above cater to investors rather than homeowners.

Featured image source: Kampus Production

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