Frequently Asked Questions

We’re dedicated to providing superior customer service, fast turn-around times, and of course, the most competitive financing packages on the market. Here are some of our clients’ most frequently asked questions.

Can I contact you for a rate quote or cost of fees before doing an application?

No. Its not realistic to quote a rate without knowing all the details of a transaction, and chances are it wouldn’t be accurate without a submitted application from you. We don’t publish rates for this very reason. We can assure you that we want to earn your business and have access to exceptional loan products. If the loan is a fit, we will earn your business. The loan application is designed to be easy and pain free and allows us to quickly prequalify your loan and provide an initial rate quote. Please take a few minutes and apply here to begin the process.

How much credence can I put into the pre-approval and when will I receive my loan commitment?

The pre-approval is based on the accuracy of the information you give. If the supporting documentation does not concur with the application, we may need to adjust our position. It is critical to provide precise information, good or bad, and allow us to structure your loan accordingly. Final loan commitments usually take 45-60 days.

When I submit a loan application, does that obligate me to move forward with your firm?

No. The loan application is a pre-application and simply allows us to review information. We never ask for fees or supporting documentation at this juncture. Only after we review the application and run income data will you be contacted.

If this is a Commercial Loan, why are you inquiring into my personal financials?

For us to quote accurate rates, we need to see the whole picture. Candidly, borrowers with poor credit, spotty tax returns and low monetary reserves are a higher risk for lenders. This may be offset by the property or loan to value. On the other hand, borrowers with substantial assets and good credit have access to more stringent institutions and therefore get better rates.

What happens after you get my loan application?

The file is electronically uploaded into a spreadsheet where we can look over the property’s cash flow and expenses to establish debt to income ratios. Next we look at property type, condition and location. At this point we can get a feel for what loan products may be available.

How long does it take to get an answer once I apply for a loan?

To start the process, you are required to acknowledge that you provided us a loan application. You’ll get an email asking that you reply back to us confirming that the application is valid. That starts the clock. You should get a preliminary approval, subject to supporting documentation, within 72 business hours. This preliminary approval is the first step and will require the end lender to concur. Turn downs and applications that don’t fit our criteria will be notified promptly.

I’ve shopped my loan around and everyone is turning me down. Can you help?

Maybe. If the reason is lack of stabilized income, high percentage of tenants vacating or the property is dark, property is obsolescent, borrower(s) has certain ‘issues’ or due to the areas economic factors, no. If there’s a good story behind the property, with a viable solution, please contact us.

Once I fill out a loan application, get a preliminary approval and decide to move forward with your company, what’s the next step?

We will contact you with a proposal or a letter of intent. Many times this requires a verbal conversation as well as email correspondence. Thereafter, you will get a needs list requesting documentation for the loan application. At this juncture, depending on the property and the situation, we order an appraisal.

What’s the best way to keep in touch or to get status updates?

Once you have applied for a loan and we have validated your email address, we will begin prequalifying and underwriting your file. While we work as quickly as we can, please feel free to contact us if you have any questions or would like a status update.

Will you entertain bridge loans or short term financing?

Yes. We are expert in this arena.

My loan fell out at another lender and I have to close my loan ASAP. Can you do a rush?

Yes. Depending on the size of the loan, the type of property and other factors, we can close your loan within a few weeks. These are not funded through a bank and are short term loans through private investors that demand a good yield on their funds. In other words, it may be pricey.

Can I forward lock my loan?

Most of the GSE’s will allow forward locks. FHA HUD offers forward locks, too. There may be a fee to forward lock your loan.

Can you do a ‘Value-Added’ project? The income on the loan application will not support the loan request.

Yes. Case-by-case with extensive supporting documentation of cost breakdowns, leasing expenses and concessions, TI’s, a gap analysis and an accurate pro forma. A larger down payment with interest reserves may be required.

Do you have non-recourse loans available?

Yes. We also have loans that are partial recourse. This is dependent on the loan program, institution and credit package.

How long does an FHA HUD loan take to process and fund?

Due to general lack of easy credit in the market place combined with exceptionally low rates and flexible terms, HUD is being quoted at 9-12 months. Unless you have a 1 year escrow, it’s best not to consider these loans for acquisition.

I hear that Fannie/Freddie offer financing for apartment units? What’s the timing on these?

We are currently quoting 60 days.

What cities or locations do you fund in?

We fund throughout the United States, however, our lenders prefer the top 25 MSAs. In a perfect world, we prefer highly populated areas with a growing population, good employment support, and low vacancy rates.

How important is it that I have good credit?

It depends on a few factors. If the property is located in a good area, has a strong tenant mix, long leases, a low debt to income ratio, and a low loan to value personal credit is less of an issue. Keep in mind, your credit does not need to be perfect, only average to good.

How do you determine what a ‘Professional’ is?

A professional can act in the capacity of a client representative such as a Broker, CPA, Attorney or Financial Advisor or has a large portfolio of investment properties. A better way to explain this may be to define what is not considered a Professional. An individual, LLC, or Corporation that owns passive (non-active partner) real estate, is a residential agent or broker, someone that is considering a career in real estate, a part time investor, etc.

Can I contact you for a rate quote or cost of fees before doing an application?

No. Its not realistic to quote a rate without knowing all the details of a transaction, and chances are it wouldn’t be accurate without a submitted application from you. We don’t publish rates for this very reason. We can assure you that we want to earn your business and have access to exceptional loan products. If the loan is a fit, we will earn your business. The loan application is designed to be easy and pain free and allows us to quickly prequalify your loan and provide an initial rate quote. Please take a few minutes and apply here to begin the process.

How much credence can I put into the pre-approval and when will I receive my loan commitment?

The pre-approval is based on the accuracy of the information you give. If the supporting documentation does not concur with the application, we may need to adjust our position. It is critical to provide precise information, good or bad, and allow us to structure your loan accordingly. Final loan commitments usually take 45-60 days.

When I submit a loan application, does that obligate me to move forward with your firm?

No. The loan application is a pre-application and simply allows us to review information. We never ask for fees or supporting documentation at this juncture. Only after we review the application and run income data will you be contacted.

If this is a Commercial Loan, why are you inquiring into my personal financials?

For us to quote accurate rates, we need to see the whole picture. Candidly, borrowers with poor credit, spotty tax returns and low monetary reserves are a higher risk for lenders. This may be offset by the property or loan to value. On the other hand, borrowers with substantial assets and good credit have access to more stringent institutions and therefore get better rates.

What happens after you get my loan application?

The file is electronically uploaded into a spreadsheet where we can look over the property’s cash flow and expenses to establish debt to income ratios. Next we look at property type, condition and location. At this point we can get a feel for what loan products may be available.

How long does it take to get an answer once I apply for a loan?

To start the process, you are required to acknowledge that you provided us a loan application. You’ll get an email asking that you reply back to us confirming that the application is valid. That starts the clock. You should get a preliminary approval, subject to supporting documentation, within 72 business hours. This preliminary approval is the first step and will require the end lender to concur. Turn downs and applications that don’t fit our criteria will be notified promptly.

I’ve shopped my loan around and everyone is turning me down. Can you help?

Maybe. If the reason is lack of stabilized income, high percentage of tenants vacating or the property is dark, property is obsolescent, borrower(s) has certain ‘issues’ or due to the areas economic factors, no. If there’s a good story behind the property, with a viable solution, please contact us.

Once I fill out a loan application, get a preliminary approval and decide to move forward with your company, what’s the next step?

We will contact you with a proposal or a letter of intent. Many times this requires a verbal conversation as well as email correspondence. Thereafter, you will get a needs list requesting documentation for the loan application. At this juncture, depending on the property and the situation, we order an appraisal.

What’s the best way to keep in touch or to get status updates?

Once you have applied for a loan and we have validated your email address, we will begin prequalifying and underwriting your file. While we work as quickly as we can, please feel free to contact us if you have any questions or would like a status update.

Will you entertain bridge loans or short term financing?

Yes. We are expert in this arena.

My loan fell out at another lender and I have to close my loan ASAP. Can you do a rush?

Yes. Depending on the size of the loan, the type of property and other factors, we can close your loan within a few weeks. These are not funded through a bank and are short term loans through private investors that demand a good yield on their funds. In other words, it may be pricey.

Can I forward lock my loan?

Most of the GSE’s will allow forward locks. FHA HUD offers forward locks, too. There may be a fee to forward lock your loan.

Can you do a ‘Value-Added’ project? The income on the loan application will not support the loan request.

Yes. Case-by-case with extensive supporting documentation of cost breakdowns, leasing expenses and concessions, TI’s, a gap analysis and an accurate pro forma. A larger down payment with interest reserves may be required.

Do you have non-recourse loans available?

Yes. We also have loans that are partial recourse. This is dependent on the loan program, institution and credit package.

How long does an FHA HUD loan take to process and fund?

Due to general lack of easy credit in the market place combined with exceptionally low rates and flexible terms, HUD is being quoted at 9-12 months. Unless you have a 1 year escrow, it’s best not to consider these loans for acquisition.

I hear that Fannie/Freddie offer financing for apartment units? What’s the timing on these?

We are currently quoting 60 days.

What cities or locations do you fund in?

We fund throughout the United States, however, our lenders prefer the top 25 MSAs. In a perfect world, we prefer highly populated areas with a growing population, good employment support, and low vacancy rates.

How important is it that I have good credit?

It depends on a few factors. If the property is located in a good area, has a strong tenant mix, long leases, a low debt to income ratio, and a low loan to value personal credit is less of an issue. Keep in mind, your credit does not need to be perfect, only average to good.

How do you determine what a ‘Professional’ is?

A professional can act in the capacity of a client representative such as a Broker, CPA, Attorney or Financial Advisor or has a large portfolio of investment properties. A better way to explain this may be to define what is not considered a Professional. An individual, LLC, or Corporation that owns passive (non-active partner) real estate, is a residential agent or broker, someone that is considering a career in real estate, a part time investor, etc.

Cent Banc: Experienced. Reliable. Connected.

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