CommercialBanc (Commercial Lender) guarantees that a borrower's
closing costs will not be higher than quoted in your
commercial loan or apartment loan
commitment provided by Lender. The Closing Cost Guarantee
applies to closing costs in which the Commercial Lender can control,
specifically:
-
1 Fee
Closing Cost
-
Commercial Lender
Origination Fee
-
Commercial Lender
Underwriting Fee
-
Commercial Lender
Processing Fee
-
Commercial Lender
Administration Fee
-
Commercial Lender
Broker Fee if Applicable
CommercialBanc's closing cost guarantee is not applicable to
3rd party fees, fees in which Lender has no control over,
specifically but not limited to:
-
Title
Costs
-
Title
Insurance
-
Any 3rd
Party Fees
-
Attorney's
Fees
-
Prepaid
Interest
-
Defeasance
Fees
-
Appraisal
Fee
-
Environmental Fee
Should CommercialBanc fail to
provide the closing costs agreed upon through the executed
Commercial Loan Closing Cost Guarantee, CommercialBanc will
waive any Commercial Lender fees, origination fees, and/or processing fees
for the specific transaction.
CommercialBanc will not refund
any cash monies to any borrower under any circumstance.
If a credit is due the borrower, CommercialBanc will issue a
credit to the borrower to be credited towards closing costs
for the specific commercial loan or apartment loan transaction.
Should there be a dispute
concerning CommercialBanc's Commercial Loan Closing Cost
Guarantee, the dispute will be handled through arbitration
by a designated arbitrator in the Lenders state in which it
is incorporated.
Should a borrower materially
misrepresent a fact in their commercial loan or
apartment loan application, CommercialBanc will consider its interest rate and closing
cost guarantees to be null and void.
Should a
borrower fail to deliver a requested document in a timely
manner, as defined by
Florida State Statute Title XXXIII Chapter 494,
CommercialBanc considers its Interest Rate and Closing Cost
Guarantee null and void.
Should you
have any further questions, please contact your assigned
commercial mortgage banker for more information. |
