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Are there any
up-front fees or costs?
No. CommercialBanc will review your documentation, determine
program eligibility, and issue a conditional approval all
without any cost to you.
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What if I don't qualify for the Stated-Series program?
CommercialBanc will determine if there are other programs that
you qualify for, and if so, issue a prequalification for those
programs.
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What if there
is a better program for me?
The Stated-Series™ apartment loan
program is designed for borrowers unable to verify, or wish not
to verify income. Should CommercialBanc determine you qualify
for a conforming program, you may change to that program at any
time.
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What documentation do I need
to submit initially to CommercialBanc?
In order for CommercialBanc to determine program
eligibility and issue a prequalification for our Stated-Series™
apartment loan program, you will need to submit the following
documentation:
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Subject property rent roll |
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Collateral questionnaire |
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Subject property income and
expense statement for the
two previous years,
including a year-to-date |
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Sales
contract if a purchase transaction |
| Please Note: CommercialBanc
does not require tax returns or financial statements for
our Stated Series program. For our LowDoc program we
require the subject property's financial statements. |
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Do I have to submit the requested documentation to get a
response from CommercialBanc?
Yes. In order to provide you with an
accurate prequalification, lowest interest rate, and best
overall terms, CommercialBanc requires this basic information.
When underwriting a commercial
loan, we look primarily at the property and the property's cash
flow as the primary source of repayment for the loan - property
and business for owner occupied properties. Without properly
qualifying the collateral, via the requested documentation, we
can't properly serve our clients.
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Once I submit the required initial documents, how long does it
take to receive a response?
CommercialBanc will respond to your request within 48
hours.
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