Commercial Mortgage Loans - Commercial Financing

What is the typical amount of paperwork needed for a loan?
Our simple residential style approach to commercial lending eliminates many of the cumbersome paperwork requirements common to the traditional commercial mortgage application process. We use a minimal documentation application process and even offer a stated income/stated asset loan program that eliminates income and asset verification requirements altogether.

Do you lend to self-employed borrowers?
Yes, we do offer loans to self-employed individuals. We have a full documentation program for borrowers who are willing and able to document income and a program for those who cannot or choose not to document income and assets.

How long must I own a property before I can apply for a refinance to take cash-out?
We do not have a strict seasoning requirement and are willing to work with you to find a solution that meets your needs.

How long will it take to close my loan?
Loans usually close within 45 days of acceptance of the Conditional Pre-Approval letter, however, we will do everything possible to ensure your loan closes within your time frame.

How are you able to close my loan so fast?
Parallel Processing is central to our ability to close your loan within 45 days. It is where the Appraisal, Title and Environmental Due Diligence work is performed in tandem, bringing you to the closing table faster than other lenders.

What fees are charged?
There is no application fee or commitment fee. While other lenders often charge hidden or "junk" fees that are not disclosed until settlement such as legal, document preparation, fax, mail, and other administrative fees, our commercial wholesale lender's do not charge any points and only collect one flat $1500 fee at closing and that's it. Separate from the lender fee, we are compensated as the mortgage originator through a Fee Agreement that we execute with the borrower that will equal 1% of the gross loan amount. This fee is also paid at closing. Following is a brief summary of loan fees that are typically applicable (Note: Costs may vary from those depicted depending upon the conditions and factors of each individual loan transaction. Specific costs and fees are disclosed in the pre-approval letter.)

FEE	AMOUNT
UCC Filing	$90
Flood Certification	$20
Tax Service Fee	$80
Title	$380
Credit Report	$25
Document Preparation	None
Investor Counsel Fee	None
Environmental Screen/Insurance	$500 - $2,000
Appraisal Fee	$1,995 - $4,000
Lender Fee	$1500
Lender Points	None
Other Reports/Inspections	None
Miscellaneous Fees	None
Approximate Total	$4,590 - $8,095

What are third party fees?
Third party fees are costs incurred through third party vendors in an effort to close your loan. The Fees can include a Credit Report, Appraisal Report, Environmental Due Diligence Processing, Title Report and Title Insurance and are the responsibility of the borrower. Except for the Appraisal Report where payment of the estimated appraisal fee is required with acceptance of the conditional pre-approval letter, most third party fees can be paid from loan proceeds at closing.

Who orders the Title Policy?
We order the Title Policy because it enables us to manage your loan more efficiently and keep the process moving. We have national relationships with title companies that understand the endorsements required and are responsive to our customer's needs.

What if the Title is already in process?
We will work with you to help ensure that there are no problems.

How does the Appraisal process work?
After we receive your signed Conditional Pre-approval Letter and the estimated appraisal fee payment, an appraiser will be selected through a bid process with a minimum of 3 quotes. Due to the volume of appraisal assignments ordered by our underwriters, they are able to command favorable pricing and turnaround times. The appraisal generally takes 2 to 4 weeks to complete and will include typically between 50 to 100 pages. The cost for the commercial appraisal runs between $1,995 and $4,000 depending upon property type and use. The loan should close within a week or so after the commercial appraisal report is completed.

Why does the Appraisal cost so much?

Commercial appraisals are much more complex than residential ones and require a much higher level of expertise and experience on the part of the appraiser. As a result, they will always cost more - regardless of the lender. Here is a brief summary of the differences between a residential and commercial appraisal.

Residential	Commercial
5 - 10 days to complete	Up to 4 weeks to complete
Emphasis on speed	Emphasis on Quality
Cost between $300 - $450	Cost runs between $1995 & $4000 depending on property type, use and location
10 page maximum	55 to 100 pages average
Many similar comparables	Limited comparables
Brief area description	Extensive market data
Minimal Appraiser experience	Advanced Appraiser experience required
Provides minimal review of property	Provides a very comprehensive review of property

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Will you accept an existing appraisal?
Possibly. If the appraisal was completed within the last six months and is of good quality, we encourage you to send it in for review. The decision to accept, or not, an existing appraisal rests exclusively with our underwriters. We will not, however, accept an appraisal completed after the Conditional Pre-approval Letter date.

Who is responsible for organizing the closing?
We will handle all the details for your closing. If there is a title company you prefer to work with, it may be possible to schedule your closing with them, however, we do prefer to use title companies with which we currently have working relationships.

Is there an escrow for taxes and insurance?
Yes, escrow for taxes. You are required to provide proof of insurance before your loan funds are released.

Why do I need to supply my Social Security Number?
Your Social Security Number is necessary and used for the sole purpose of ordering your Tri-Merge Credit Report. The information contained in your Credit Report will help us to determine the best loan program based on your lending needs. Be assured, we hold your information in strict confidence and it is not shared with unaffiliated third parties.

Are these bank loans?
No. Our wholesale lender's are leading national commercial mortgage lenders specializing in commercial mortgage loans from $100,000 to $1.5 million. Because they are not a bank, you won't be required to maintain a banking relationship with them through a deposit account with a minimum balance, the underwriting requirements are less stringent than a traditional bank and there are no ongoing financial reporting or special loan covenants to worry about.

Any other questions?
Call us at 215.489.9232 or 215.489.1829. We' will be happy to answer any questions you may have.

ThomsonCapital

Commercial Mortgages & Small Business Financing