| 1. |
Do you require income tax returns? Answer |
| 2. |
Do you verify my income? Answer |
| 3. |
What types of commercial real estate will be acceptable collateral for mortgage loans? Answer |
| 4. |
My credit is less than "A", will you consider me for a loan? Answer |
| 5. |
What is the Minimum Down Payment requirement? Answer |
| 6. |
What is the Maximum Loan-to-Value you will consider? Answer |
| 7. |
Where does the mortgage financing come from between 80% Loan-to-Value and 10% Down Payment? Answer |
| 8. |
What is the Maximum Loan Amount you will consider? Answer |
| 9. |
I own a Commercial Property with substantial equity. Can I refinance and borrow Cash-Out of my property? Answer |
| 10. |
I applied for a Commercial Mortgage at my local Bank and was rejected. Can I use the same appraisal when applying with you? Answer |
| 11. |
What mortgage terms will you consider? Answer |
| 12. |
Will you lend money to a commercial real estate investor? Answer |
| 13. |
If I sell my property, can the purchaser assume my mortgage? Answer |
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Q
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Do you require income tax returns? |
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A
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No. Generally we don't request either business or personal tax returns. |
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Q
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Do you verify my income? |
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A
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Generally, we will accept your application's statement of monthly personal income. We also do not require corporate or business tax returns.
However, we are interested in copies of leases for the subject property, and the appraisers opinion about its rental income, expenses, and value. |
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Q
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What types of commercial real estate will be acceptable collateral for mortgage loans? |
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A
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Many, Many Commercial Property Types generally qualify. Please check it out. If you don't see your property type , please Ask Us. |
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Q
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My credit is less than "A", will you consider me for a loan? |
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A
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Yes. Our Plan #20 is for "Sub-Prime" Commercial Mortgage Loans. Borrowers, with "A-", "B", and "C" credit may qualify within this program. More than 95% of our loan applicants receive credit approval from us. |
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Q
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What is the Minimum Down Payment requirement? |
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A
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Only 10% down payment is required. |
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Q
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What is the Maximum Loan-to-Value you will consider? |
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A
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Up to 80% of property value, depending upon property type, credit quality, and purchase price (if applicable). |
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Q
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Where does the mortgage financing come from between 80% Loan-to-Value and 10% Down Payment? |
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A
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The Seller (or another third party) may provide a second mortgage. |
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Q
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What is the Maximum Loan Amount you will consider? |
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A
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We lend up to $1,000,000. Loans above $1,000,000 are considered too, but may close in a different name. |
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Q
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I own a Commercial Property with substantial equity. Can I refinance and borrow Cash-Out of my property? |
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A
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Yes. Our guidelines permit "Cash-Out" refinancing for 100% of the loan amount. |
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Q
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I applied for a Commercial Mortgage at my local Bank and was rejected. Can I use the same appraisal when applying with you? |
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A
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Possibly. Send us the existing appraisal when you apply. We will review it and respond. |
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Q
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What mortgage terms will you consider? |
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A
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15, 20, or even 30 years - depending upon the mortgage loan characteristics. We offer mortgages that are fully amortized, with no balloon payments at maturity. Many business people and investors prefer long term mortgages with lower monthly payments, and improved monthly net cash flow. |
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Q
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Will you lend money to a commercial real estate investor? |
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A
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Yes |
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Q
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If I sell my property, can the purchaser assume my mortgage? |
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A
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Yes. We offer an assumability option. Just request it before your loan is approved. |
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