View Commercial Loan Criteria
Do I need to work with a mortgage broker?
- You may contact us directly or go through a broker.
How long does the process take?
- Most loans are closed within 3-4 weeks.
Are there upfront fees?
- There is a $500 commitment fee and the consumer is responsible for paying the appraiser as well.
Can I bring my own appraisal?
- Yes. If you have a recent appraisal, it will be reviewed and may reduce the fee for the new appraisal.
Is a 21E Environmental Report required?
- Phase I studies will be required for all properties which have environmental exposure, such as: gas station, industrial sites, and auto service. Further testing will be required as indicated in Phase I.
What information will be required?
- A 1003 loan application form
- A credit report (to be obtained by your broker)
- Proof of sufficient income based on verifiable income and all monthly expenses.
What additional information may be required?
- Dependent on your situation, you may require forms such as:
- Divorce decrees, probate documents, employment contracts, and leases
How much can I borrow?
- You can borrow up to 50% LTV (loan-to-value)
Important Information Regarding Procedures when Opening a New Account
- To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
- What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.