2. What is the interest rate?
The interest rate is determined primarily by the property type and
your credit score. One-For-The-Money
will need information from you to determine your rate. But as a
business owner, you know that cash-flow is
what counts and your monthly payment should be affordable. We will
tell you what your
monthly payments will be.
3. Are there any fees?
The appraisal fee, environmental due diligence and nominal closing
costs are some of the fees associated with One-For-The-Money
loans. Depending on the deal, there may be some additional charges.
We will be able to provide you
with additional details on all of the fees prior to moving forward.
4. Can you finance environmentally
sensitive property types such as auto repair shops and dry cleaners?
If you have an environmentally sensitive property, you may be aware
that most lenders require a Phase 1 or Phase 2 environmental
report, which can cost thousands. Our programs are able to handle
these types of properties with more
relaxed environmental guidelines that cost much less than the
traditional alternative.
5. Is there a penalty for paying off my
loan early?
These loans are structured to be held for the long term. As a
result, there is a penalty for paying off the
loan early (within the
first five years for most programs). Keep in mind that this is a
business loan. And
as long as you plan on
being in business for at least five years after closing your loan,
the penalty won't
be an issue.
6. Do you offer commercial loans in my state?
Yes. We lend in all states
excluding Hawaii and Alaska.
7. Can I
qualify for a loan even if I don't live in the state where the
subject property is located?
Yes. Unlike most traditional lenders, our lenders will provide
funding for a property that is located in
a state other than where
the borrower resides.
8. Do you lend to self-employed borrowers?
Yes, our network of
lenders offers loans to self-employed individuals. We have a full
documentation
program for borrowers who
are willing and able to document income.
9. How long
must I own a property before I can apply for a refinance with cash-out?
We do not have a strict seasoning requirement and are willing to
work with you to find a solution
that suits your needs.
10. Why is it valuable to apply for a
higher loan-to-value (LTV) amount?
Applying for a loan with a higher LTV amount allows you to
better leverage your money. The return on
equity you receive from
your investment will be higher when you put less money down. Less
money
out-of-pocket means more
cash on hand to invest in your business.
11. Will you
accept an existing appraisal?
Possibly. If the
appraisal was completed within the last six months, we encourage you
to send it in
for review. We try to keep
borrower costs to a minimum and will typically accept a current
appraisal
of good quality.
12. Who is responsible for organizing the closing?
We handle all the
details for your closing. If there is a title company you prefer to
work with, we can
schedule your closing with
them; however, we do prefer to use title companies with which we
currently
have working
relationships.
13. Who orders the title policy?
We order the title
because it enables us to manage the deal and keep the process
moving. We have
relationships with title
companies who understand the endorsements we require and are
responsive
to our needs.
14. What if the title is already in process?
We will work with you
to help ensure there are no problems.
15. How does the appraisal process work?
After we receive a
signed conditional pre-approval letter from the borrower and the
estimated appraisal
fee, we shop the appraisal
with our network of appraisers throughout the country. Because of the volume of
appraisal assignments ordered by us and our affiliates, we are able
to command favorable pricing
and turnaround times. Once we receive the
estimated appraisal and processing fees, we will engage the
appraiser. The appraisal generally takes
2 to 4 weeks to complete. The loan should close
within a week thereafter.
