Interest Rates: 4% to 8% over Wall Street Journal prime; payments are interest only - no principal amortization required.
Commitment Fees: No commitment fee required; however, a non-refundable payment equal to 0.50% will be charged for staff time and out of pocket expenses incurred in evaluating the loan request. Payment fully earned and non-refundable, and applied to the loan cost.
Loan Fees: Loan fees vary based on size, complexity and term.
Recourse: Non-recourse available in limited situations.
| Other Fees: Lender's legal documentation required. 3rd party inspection costs may be required. Appraisal and survey reports are recommended on all loans. A Phase I environmental report or environmental insurance may be required.
Tax and Insurance escrows: Recommended.
Prepayment penalty: N/A
Documentation: Loan application and financial statement; prior appraisals, surveys, and title work are helpful.
Other requirements: Loans must be for business or investment purposes. All loan documents are legally prepared and loans closed through reputable title companies.
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