Frequently Asked Questions
How long will it take to close my loan?
It typically takes anywhere from 15 – 45 days to close a Stated Income loan. Full Document loans typically take anywhere from 30 – 60 days. Hard Money & Bridge loans can close in as few as 12 days.
Do you have a matrix?
We do not use a rate matrix to price loans. All loans are qualified on a loan-to-loan basis. We typically qualify loan based on three things: the strength of the borrower, the strength of the property, and the strength of the ratios.
What happens after I submit my loan application?
Once an account executive receives a complete submission package the file will then be presented to an underwriter for an initial review. A verbal offer will be presented to the broker. Once the borrower accepts the verbal offer a borrower interview will then be setup. After the borrower interview is complete the loan processor will begin ordering title, appraisal and start processing the loan.
How quickly can I get a pre-approval?
A conditional pre-approval is usually issued within 24-48 hours after receiving a complete loan submission.
Are there any upfront costs?
There are NO upfront fees collected from the borrower to pre-underwrite and issue a pre-approval. For some programs the borrower can even pay the appraiser COD at the door for the appraisal.
What will my closing cost be?
Closing cost vary from loan-to-loan. Typical closing cost include but are not limited to: title insurance, environmental insurance, closing attorney fee, lender underwriting fees, courier fees, processing fee, recording fee in addition to any prepaid interest or escrows.
Can closing cost be rolled into my loan amount for my refinance?
Typically closing cost can be rolled into the loan amount upon underwriter approval.
Will you escrow taxes & insurance?
Taxes & Insurance will be escrowed. Exceptions allowed on a case by case basis.
Can I get cash-out?
Yes, cash-out is available for borrowers that qualify. A detailed use of funds will be required at the time of submission.
Do you have pre-payment penalties or lock outs?
Most commercial loans have a pre-payment penalty. The typical prepay is 5%, 4%, 3%, 2%, 1%. There are NO lock-outs on our small balance loans. Larger loans may require yield maintenance.
What is the maximum amount I can borrow?
The maximum loan amount varies from loan-to-loan and by program. The subject property must be able to service the debt.
Is there a balloon payment?
Loans can be structured with or without balloons.
Is the loan assumable?
Yes, our loans are assumable with underwriter approval. Most times a fee is required.