Q: Which of my clients should I consider for a loan?
Q: What type of income verification do you require?
Q: Can you finance environmentally sensitive property
types such as auto repair shops and dry cleaners?
Q: What is the "borrower's profile?"
Q: Which of my clients
should I consider for a loan?
A. Perfect candidates for a loan are those who need financing for an
income-producing or commercial property, but are unable to qualify for
traditional bank financing because they're unable or unwilling to
verify income or assets. Here are clients you should consider:
- Clients without sufficient credit
history
- Business owners who want to take
cash out of their property
- Entrepreneurs and self-employed
people who want to purchase a site for their business
- Real estate investors who wish to
put as little as 10% down (We allow CLTVs up to 90%)
Q: What type of income
verification do you require?
A. Unlike banks and other conventional lenders that verify the
borrower's personal income, we can pre-approve your clients with a
completed Fannie Mae 1003 application that simply states the
borrower's income and assets. The only income verification required is
on the property being financed. We require rent rolls and leases on
properties with more than four units certified by the borrower. Our
easy stated income/stated asset process allows your self-employed
clients who cannot verify all of their income to qualify for financing
through us.
Q: Can you finance
environmentally sensitive property types such as auto repair shops and
dry cleaners?
A. Yes, but the owner needs to complete an environmental questionnaire
that must be submitted with the loan package. The information is
reviewed by an insurance company in order to determine whether or not
the property poses an environmental risk. The cost of the premium
varies depending on the loan amount and property type. However, the
cost is substantially less than that of a typical Phase I
environmental report. By offering this environmental screening
process, we can finance riskier properties that many other lenders
will not.
Q: What is the "borrower's
profile?"
A. One common denominator among all our borrowers is that they have a
large amount of real estate equity and an immediate need for
short-term capital. They cannot or will not go through the strenuous
and time-consuming underwriting process required by conventional
lenders.
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