[Michael I]

FYI - According to a recent article WBL is no longer funding, therefore not your competition

Care to share .the article Steve posted is from April 2021 and they have 100% been funding since then

[Olderguy]

Care to share .the article Steve posted is from April 2021 and they have 100% been funding since then

They are a MCA lender that collateralizes their loans with property. Plenty of bad publicity about the way they operate. Investige and see if there are better options out there. I can do hard money at much lower cost than what they offer. Their terms are a complete rip off.

I have a hard money lender that can do a loan with no Fico restriction

[abfunders]

They are a MCA lender that collateralizes their loans with property. Plenty of bad publicity about the way they operate. Investige and see if there are better options out there. I can do hard money at much lower cost than what they offer. Their terms are a complete rip off.

I have a hard money lender that can do a loan with no Fico restriction

WBL is not an MCA lender, there's no such thing. They are a true lender (or at least rent-a-bank), and if someone declares BK, they have to go through the bankruptcy courts like everyone else. The rep who I work with over there was 100% transparent with me about everything, and we worked really well, and it's a shame that we have to pause. He fought tooth and nail for everything with me.

What is/was always cheaper about WBL is that you didn't have to refi the first position. You have a 3.5% 1st position at 50% LTV over 30 year amort? Keep it! To refi and restart the amortization process is expensive. If you needed 2-3% per month, an MCA is much much more expensive. And who would give you a loan with 5-10 NSFs/month and a collections on your file?

Of course simple hard money is cheaper in theory! But not everyone has a property they want to refi the first position on, or their credit is in the 500s and there's a tax lien that a hard money lender may or may not be willing to take care of. WBL lends on dry land and on industrial properties that aren't specifically income producing (owner occupied). Office space that has been vacant for a year and they just want 35% LTV for renovations? I personally financed an industrial airplane repair facility that was basically shut down for COVID with $1mm with them in May 2020. They saved MANY merchants during the pandemic when nobody else was funding. WBL is/was an outside the box solution for outside the box situations.

Mike, you can't always save the day with hard money, and not everyone has the time or energy or even qualifies for an SBA.

[Sean Cash]

Care to share .the article Steve posted is from April 2021 and they have 100% been funding since then

Confirmed no longer funding as of last week:

https://debanked.com/2022/12/wbl-exp...ther-fundings/