How long does it take to
close a loan?
We can generally give you an
assessment of your situation
in our first conversation.
You can get "pre-qualified"
as quickly as 2-5 days. For
"Stated or Low Doc"
programs, approval and
closing can take place
within 3-4 weeks. Full
documentation loans that
require third party reports
such as appraisals and
environmental inspections
usually takes between 30-45
days to close. Providing us
with complete information
and documentation early on
can speed the process
considerably.
What's a "Stated or Low-Doc"
program?
Some commercial lenders
offer "Low Doc" or "Stated"
programs. These programs
require less documentation,
verification and paperwork
than a fully documented
loan. The lender takes more
risk when making a loan with
less information, so "Stated
or Low-Doc” programs are
useful if a borrower is in a
hurry to close a loan or can
not provide evidence to
fully document income or
assets.
Do you provide loans
throughout the United
States?
Yes. We lend on commercial
and multifamily properties
nationwide.
Who are your investors -
lending sources?
Our sources include
insurance companies, pension
funds, banks, saving
institutions, thrifts,
conduits; real estate
investment trusts (REITs)
and private lenders. We have
well established
relationship with a wide
variety of lending
institutions and companies,
and therefore have a large
selection of loan programs
available.
What is Debt Service
Coverage (DSC)?
Divide the Net Operating
Income (NOI) by the annual
debt service (P&I x 12).
What is Net Operating
Income (NOI)?
Gross rent/income less
expense = NOI.
What is the difference
between a fixed-rate loan
and an adjustable-rate loan?
With a fixed-rate mortgage,
the interest rate stays the
same during the life of the
loan. With an
adjustable-rate mortgage
(ARM), the interest changes
periodically, typically in
relation to an index. While
the monthly payments that
you make with a fixed-rate
mortgage are relatively
stable, payments on an ARM
loan will likely change.
There are advantages and
disadvantages to each type
of mortgage, and the best
way to select a loan product
is by talking to us.
What types of document are
required to start the
process of a commercial
loan?
Documents needed are the
following:
1003 Loan Application
Personal FInancial
Statements (all
guarantors)
Last 2 year Tax Returns
(Business & Personal)
2 Year Income & Expense
Statement
3 month bank statements
Credit Report
Copy of Partnership
Agreement (if a
partnership)
Current Profit & Loss (if
self employed)
Property Description (size,
location, age,# of units
etc.)
Photo's of property
pest report- from seller
most recent property tax
bill -from seller
Purchase Contract (if a
purchase)
Rent roll
Construction Cost Beak Down
(if a construction loan)
Escrow Instructions &
Preliminary Title Report
(if available)
Proposed insurance binder
What types of properties
does Commercial Capital
Company currently finance?
We provide financing for
office buildings, shopping
centers, hotels, industrial
buildings, gas station,
mixed use property types,
apartment complexes, land,
development loans,
entertainment complexes,
special purpose facilities
and much more. Please give
us a call to discuss about
your specific commercial
financing needs.
What are Commercial Capital
Company 's Minimum and
Average Loan Sizes?
Our minimum loan size is
$200,000. No maximum loan
size.
Who may apply for a loan?
Our borrowers are: one or
more individuals,
Corporation, Limited
Liability Company, General
or limited partnership,
Joint venture, Limited
liability partnership,
Trust... |
