COMMERCIAL LOAN FAQ's
Why US Commercial?
We solve problems in the beginning to avoid surprises in the end. Our team is dedicated to the success and prosperity of our clients and we achieve that by committing ourselves to closing your loan.
How do I know if my deal will work?
It's simple; that's what we're here for. Give us a call and we'll talk about it. If your project looks good at first glance, expect your LO to ask for a more in-depth application and to pull credit. After receiving those, the average turn-around time for a Conditional Loan Approval (CLA) is 24 hours.
Is US Commercial a commercial mortgage broker?
While we are a direct lender for many commercial projects, we do have the ability to broker your loan with some of the top commercial lenders in the country.
What's the difference between US Commercial and a Hard Money lender?
We're a less expensive alternative. There are some cases where a hard money lender may be the only way to close your loan, but we'll find out who has the best terms and prices before you spend any money. Where we differ from hard money in all cases; our loans on commercial loans are permanent.
What's the difference between US Commercial and a local or regional bank?
US Commercial doesn't compete with banks. We specialize in loans that fall short of the bank's guidelines and if the you're bankable, we will refer you to a local lender.
We utilize a common sense underwriting approach that focuses more on the property, not the borrower. Our loans are great for self-employed borrowers who don't show a lot of income on their tax returns.
We've streamlined the process.
NO TAX RETURNS
No loan committees
NO global underwriting
NO red tape.
We'll look at the loan and let you know how it will work. It's that easy.
Typically, local and regional banks only finance commercial loans in their back yard and only in major metropolitan areas, however, US Commercial funds loans nationwide.
Do you lend on land or provide construction financing?
No, we do not provide land or construction mortgages for commercial properties. The properties must be permanent loans against existing income producing commercial properties.
What's the deal with environmental reports? Do I need an environmental inspection report?
These are only required on commercial properties and essentially, it's a report to check for hazardous material storage. US Commercial will handle this for you. We'll forward you an environmental questionnaire, you just fill it out and send it back.
Do you allow subordinate financing?
Yes, in some cases up to 80%.
Can you lend on owner-user properties?
Yes, we have very competitive programs for owner-user properties. Ask a Loan Officer for more details.
Can a borrower pre-pay their loan?
Yes. However, like the vast majority of commercial real estate loans, US Commercial loans do contain a prepayment penalty. The prepayment term depends on the program and the fixed period of the loan.
Are US Commercial loans assumable?
In some case, yes. In all cases, the new borrower has to qualify and the property's value must be the same or more than the original transaction.
Does US Commercial finance the purchase of an existing business in the subject property?
No, US Commercial is a broker/lender that funds loans based upon the value of the underlying real estate. We fund loans on business occupied properties, but will not include the value of the business as a part of the financing.
Who orders the appraisal and how much are they?
US Commercial will either provide you a link to order the appraisal from our base of preferred appraisers or order it for you. In either case, the cost of the appraisal is not marked up and you pay the appraiser directly.
Note: Appraisals are not cheap and the cost depends on the scope of work.
Contact us on the deal hotline at 202-491-6461. We will:
- help you structure your loan
- review the costs, quote you a rate and terms
- let you know what's next