| |
Amerlender |
Other Lenders |
| Our Lending Process |
48 - 72 hour written pre-approval
streamlined approach |
Loan committees that
can take weeks or months |
| Average Closing Time |
30 - 45 days |
60 - 90 days
|
| New Survey Requirements |
None |
Required |
| Appraisals |
Limited appraisals and
competitive network to reduce
cost and time frames |
Full appraisal required |
| Doc Preparation |
In-house attorneys |
Outside law firms |
| Environmental |
Low cost environmental
insurance policy |
Phase 1 Environmental
Study required |
| Documentation Requirements |
Residential style underwriting
means a streamlined process
and familiar documentation |
Full commercial underwriting
process includes extensive
documentation requirements |
| Balloons |
None |
Yes, which means added costs
to refinance when note is due |
| Assumability |
Assumable at no cost |
Non -assumable or
usually a fee required |
Ongoing Financial
Reporting Requirements |
None |
Financial reporting and
financial covenants required |
| Fees |
Our Fees |
Other Lenders |
| UCC Filing |
$90 |
? |
| Flood Certification |
$20 |
? |
| Tax Service Fee |
$80 |
? |
| Credit Report |
$25 |
? |
| Document Preparation |
None |
? |
| Investor Counsel Fee |
None |
? |
| Environmental Screen / Insurance |
$500 - $1,000 |
? |
| Appraisal Fee |
$1,500 - $3,500 |
? |
| Lender Processing Fee |
$2,500 |
? |
| Other Reports / Inspections |
None |
? |
| Miscellaneous Fees |
None |
? |
| Lender Origination Fee |
1 Point |
? |
| |
approx. $3,950 - $6,450
|
? |
* Appraisal fees are dependent on property type, location, and the required turn-around-time.
* Prices subject to change without notice.
