Wexmoor Circle · California
We read the file before you pay for it.
Rental loans, ground up construction, and the materials that keep a build moving. Three lines, one habit: the answer comes before the money does.
What we do
DSCR lending
A rental loan underwritten on the property’s rent, not on your tax return. We run the ratio before an appraisal is ordered.
1 to 10 units · California
See how the ratio worksGround up construction
We read the city before you buy the dirt. The rule that caps your unit count is public, and almost nobody checks it first.
Ground up · 1 to 10 units
See what the city can take awayCargoGraph material supply
Materials delivered against your draw schedule, because we wrote it. An idle day costs a six-person crew $3,449.
Delivered to the stage
See what a lost day costsCalifornia · August 2026
Three numbers we watch.
Checked every Tuesday. The same figures we run before we read anybody’s file.
Rental · the cost of money
4.96%
The 10-year Treasury. Rental loan rates follow it, not the Fed.
A year ago
4.12%
what money costs before anybody adds a margin
Build · is anyone buying
54
Days to sell a home in California, averaged over a year so the seasons cancel. Two years ago it was 45.
A year ago
51
3 days a year slower
Materials · what you pay
+10.1%
Construction materials over the past year — the wide basket, so a squeeze anywhere in it shows up here.
A year ago
+5.2%
what a builder’s goods bill is doing
About these figures. Three published numbers, printed as issued. Nothing is modelled, nothing is estimated, and none of it is ours. The 10-year Treasury constant maturity yield is from the U.S. Treasury via FRED, 2026-09-11 — over ten years it explains the monthly move in the 30-year mortgage rate more closely than any other published series. Median days on market in California is from Realtor.com via FRED, twelve months to August 2026 — a twelve-month average, because the raw figure swings 23 days across a calendar year: a January reading near 60 is winter, not a market freezing. It is resale, not new build, and it is the demand a spec house is finished into. Materials are the U.S. Bureau of Labor Statistics producer price index, Special Index: Construction Materials, August 2026 — the wide construction basket rather than the residential one, so pressure anywhere in it is visible. It is a goods index: it does not contain wages, fuel or power. National, and a mill price before freight. Nothing here is a rate quote, a commitment to lend, an offer to extend credit, or an approval, and none of it is investment, tax or legal advice. Wexmoor Circle LLC · NMLS #2841970 · Equal Housing Opportunity.
1 · Why this exists
Most files are read after the money is spent.
That is the order the industry runs on, and it is the reason a decline hurts so much when it comes.
You pay for an appraisal, and six weeks later a rent schedule you never saw decides whether the loan works. You buy a parcel, and the city tells you afterwards that eight units is really two. You order material, and the truck is late on the morning your crew is standing there.
None of that is bad luck. In every case the answer existed before the money was spent, and nobody looked. The rent comparables were public. The overlay was in the zoning code. The mill’s lead time was known.
So we built the firm around reading first. It is not a slogan and it is not free — reading a file properly takes hours and often ends in a no. It ends in a no before the appraisal fee, which is the whole point.
Irakli Ezugbaia
Managing Member, Wexmoor Circle LLC · CA DRE #02271654 · NMLS #2728634
2 · The order that costs money
The same mistake, three times, in three different businesses.
Read it once and you will recognise it in your own file.
A rental loan
You pay for the appraisal
The rent schedule inside it decides the ratio
Six weeks, and the fee is spent
A ground up build
You buy the parcel
The overlay caps the unit count at two, not eight
The land is bought, and the plan is gone
A delivery
The crew arrives
The truck does not
$3,449, and it is payroll, not interest
In all three the answer was public before the money moved.
3 · The people
We are a small firm, and you will talk to us.
Not a queue, not a form, not a call centre. These are the three people who will read your file.
Irakli Ezugbaia
Managing Member
“Most lenders read your file after you have paid for the appraisal. We read it first.”
Sam Zavosh
Construction and Development
“I build these myself. So when we read your plans, we already know what the city will say.”
Yana Bekher
Mortgage Programs
“Your tax return is not your income. On a rental loan, the rent is what counts.”
The three clips are in production. Until they are cut, the words above are exactly what each of them says on camera, word for word. We would rather publish the real line now than fill the space with a placeholder.
4 · Read before you call
Four references, written to be useful without talking to us.
Every rule, every threshold, every citation. If they answer your question and you never call, that is a fair outcome.
Every rule a California DSCR loan is checked on
The ratio floor, the deposit, the reserves, the prepayment, and the rent schedule you do not write.
Read the referenceNon-warrantable condo: the twenty rules
Which rule stopped your file, and whether it can be cured. Three of the common ones can.
Read the twenty rulesHow construction draws actually pay
Money releases after the stage is standing, so your own cash carries every stage until the draw clears.
Read the draw scheduleWho we are, and what we cannot do
The licences, the team, and the boundary. We are brokers, so the credit decision always belongs to the lender.
Read about usSend one property, one parcel, or one takeoff. You get a straight answer.
No application, no credit pull, no fee. If it does not work you will hear that this week, not after the appraisal.
