I hear that Fannie/Freddie offer financing for apartment units? What’s the timing on these?
We are currently quoting 60 days.
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 [...]
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.
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 [...]
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.
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 [...]
Will you entertain bridge loans or short term financing?
Yes. We are expert in this arena.
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 [...]
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 [...]