Our goal is to Save You Time, Money, & Aggravation. We do this by simplifying the Commercial Mortgage process and we shop the lenders on your behalf. Our process includes collecting information and documentation from you, preparing a lender presentation, and then shopping the loan amongst many lenders that we feel are the right fit. We handle all of the lender's calls and emails and answer their questions. If we don't know the answer, we'll send you one list of questions covering all the lenders. We'll work with you throughout the process all the way to closing.
This is probably the most common question we get. Our Fee is based on the loan amount, the time involved in preparing the request, the complexity of the request, and how difficult it is to find a lender. In general terms, our fee is typically around 1% of the loan amount and could be more or less based on the items referenced above. We do not collect any money upfront and only get paid when the loan closes so it's important to us that the loan closes. In some cases, the lender will pay our fee and this sometimes happens with some SBA 7a loans, some Private Lender loans, and some Residential Mortgage loans. If the lender is paying us we will let you know this is the case. Once we have picked a lender to move forward with, we will have the client sign the term sheet or commitment letter along with our Fee Agreement. We typically get paid at closing through the Settlement Statement/HUD/Closing Statement. We will issue an Invoice for our services to the title company to insure we get paid at the closing.
Yes, our process begins with the client contacting us by phone, email, or by our online application. The next step is to understand our client's goals and what they want to achieve. We also take the time to understand the property and what income the property generates. Our lenders also want to know our client's background and experience. Once we have collected all the information and documentation, we will prepare the lender presentation and send it out to multiple lenders who we feel are a great fit. The lenders will then provide us either term sheets, verbal terms, or will email terms to us. We will then present all the lenders terms: Lender A, B, C, D, & E. Our client then chooses which terms they'd like to move forward with. We will then have our client sign the lender's term sheet. In some cases, the lender may request a deposit that covers the appraisal and some additional 3rd party costs. Once the term sheet is signed, we will provide the remaining information the lender needs for loan approval. At this point, the lender will typically pull credit on our client. The lender will also request appraisal bids and will provide those bids for our client to choose one of them. If the lender hasn't already collected a deposit for the appraisal, then they'll collect a check for the appraisal at this time. The lender will also order title work and will need to verify you have sufficient insurance. Once the lender has credit approval, accepted the appraisal, reviewed the title work, verified the insurance, then they will prepare documents to send to the title company/attorney for closing. The title company/attorney will then coordinate with our client to sign documents. Once the client signs all the documents and the lender has approved the signed documents, they will then fund the loan with the title company. The loan is now closed.