Frequently Asked Questions

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.

The best way to get your loan approved quickly by the lender is to make sure you provide us with everything listed on the checklist prior to our submitting the request to the lenders. If we try to submit a request to the lender without having a full package, then the Lender will likely wait until they have everything before it gets submitted for a decision anyway. When loans are submitted in pieces, the Lender loses interest and they don't put sufficient focus on getting the loan approved. The best practice is for us to collect a full financial package, review all the financial information and do our analysis which includes a quick subject property and global cash flow analysis, liquidity review, and cover any potential issues before the lender brings them up. If there are any issues, then we can try to mitigate them upfront prior to submitting the financial package. We also use the full financial package in order to prepare our Lender Presentation.

While we are set up to pull credit, we prefer to have the lender pull it instead. We do ask our clients to indicate what their credit scores are so we can include them in the presentation. If you have a credit freeze, please let us know this upfront so we can tell the lender. The Lenders do not pull credit until they have received authorization by the client. The authorizations come from signing one of their forms or their attached personal financial statement.

We do have a minimum loan amount of $500,000 for Commercial. We will make exceptions to this only for existing clients due to the relationship or in situations where the combined loans well exceed this amount.

Outside of delays in collecting information from the borrowers, the main thing that delays closings is the insurance. Please contact your insurance agent as soon as you are in contract on a property to avoid delays. The other item that causes delays is the ordering of the appraisal. Since Lenders prefer to issue a credit approval prior to ordering the appraisal, this can cause a delay in closing on time. Depending on the Lender, it may take 2-3 weeks for credit approval. Upon approval, the Lender requests appraisal bids which takes another 2-3 days. Then they need to collect a check or wire from the client before they'll engage with the appraiser which may take another 1-2 days. Then, once you finally get the appraisal, the lender needs another 2-3 days to review the appraisal. If you want the closing to happen on time, then ask the Lender to order appraisal bids right away rather than waiting for loan approval. The risk is you could be out the cost of the appraisal if it doesn't close. If the lender says "No", then this appraisal can potentially be reassigned to a new lender and you may still be able to close on time. The other thing that causes delays comes from the Title Search. If they find permits that weren't closed out or some type of title issue, then it takes time to get these issues resolved which will cause a delay. The sooner the Lender can order the title work, the more likely you'll close on time. I hope this information will help you to close on time.