|
|
You will enjoy many additional benefits at Barrett Financial Group that are not available with other Commercial lenders...
|
See Description of each category below |
Other Lenders |
Barrett Financial Group |
|
Maximum Loan Term |
10-year balloon |
30 years |
|
Maximum LTV |
75% |
97% |
|
Approval Time |
Credit committees review loan which can take weeks or months |
24 hours |
|
Cash-Out Refinancing |
Capped with restrictions on use |
Yes with NO business-related usage restrictions |
|
Appraisal Process |
Full appraisal required |
Limited appraisals and competitive network to reduce costs |
|
Phase 1 Environmental Review / Survey |
Expensive Phase 1 Environmental Study required |
Many options available |
|
Balloon Payment |
Yes |
No |
|
Investment Property Loans |
Not always |
Yes |
|
Deposit Requirement |
Yes |
Yes (with no deposit option available) |
|
Assumable Loans |
Non-assumable or fee required |
Many loan programs are assumable |
|
Documentation Requirements |
Full commercial underwriting process, including extensive documentation requirements |
Programs include:
a) No income or asset verification
b) Limited verification similar to documentation for residential mortgages |
|
Financial Covenants/Ongoing Reporting Requirements |
Ongoing reporting required |
None |
|
Points Charged |
Yes |
No, we do not mark up the cost of the loan to you |
|
Application Fee |
As much as $1,500.00, even if your loan does not close |
No |
|
Processing Fee |
Yes, as much as $995.00 |
Yes (price varies according to loan program) |
|
Residency |
Yes, you must reside in the same state as the property |
No; NO residency restrictions within the US |
|
|
With loan terms ranging from 15 to 30 years, Axis Finance Inc. allows you to better manage your business cash-flow. Longer loan terms allow you to lower your monthly payment and control the speed at which you build equity.
While most lenders will only fund up to 75% or 80% of the value of your property, Axis Finance Inc. allows qualified applicants to borrow up to 97% on certain property types.
What does this mean to you? Whether you are buying a commercial property or looking to tap into the equity of a property you already own, our program allows you to maximize your cash-on-hand.
Banks have cumbersome approval committees that require mountains of documentation and weeks or months to review and decide your loan request. Simply provide your Commercial Loan Specialist with all your loan requirements, and we'll notify you within 24 hours if you are approved.
Our flexible cash-out refinancing allows you to use the cash for anything, with NO usage restrictions. You can use it to purchase new equipment, perform property improvements, invest in additional real estate, or to enhance your business where you need it most.
Property Appraisals are often one of the most expensive components of the commercial mortgage process. As an experienced nationwide lender, we have an extensive network of qualified property appraisers. Through a national bid processing system, we obtain quotes from many appraisers in the area of your property and help choose the best fit for your loan request, based on quality, price and turnaround time. Axis Finance Inc. does not charge additional fees for the appraiser and we turn the discount over to you, the customer.
Most commercial lenders will require you to obtain a Phase 1 Environmental Review of your property, which can cost time and thousands of dollars.
Our solution varies from database searches to Phase I reports depending on the loan program chosen.
Additionally, many commercial lenders will require you to purchase a property survey which can cost thousands of dollars and delay your loan closing. In almost all cases, we do not require you to purchase a new survey to close the loan.
Most lenders have "balloon" features in their loans, which require a customer to pay off their mortgage in just a few years. A balloon will force you to spend thousands of dollars in closing costs and go through the entire loan process again.
Axis Finance Inc. loans do not have a balloon requirement. This allows you to stay in your loan throughout the term of the mortgage if you choose.
Axis Finance Inc. specializes in loans to real estate investors and small business owners. Many other lenders will not loan to individuals whose business does not operate in the subject property.
At Axis Finance Inc., we understand that deposit requirements can tie up funds and be a hindrance if you need future access to that cash. Banks may require you to hold a minimum level of deposits with the bank in order to qualify for the loan. Since we're not a bank, you need not worry.
Our flexible commercial lending programs leave your available cash where you need it: available.
Thinking of selling your property down the road? Axis Finance Inc. assumable loan benefit allows you to transfer your mortgage loan to a qualified buyer at no cost to you. This will help enhance the marketability of your property to potential buyers, accelerate your closing time frame, and even save your buyer money, translating into higher sales proceeds for you.
Axis Finance Inc. does everything possible to reduce the amount of documentation required to underwrite your loan. We only require a minimal amount of documentation for our underwriting, typically very similar to what is required for the residential lending process.
Depending on the loan program chosen you may not be required to document income and assets.
At Axis Finance Inc., we do not require either ongoing financial reporting or covenants.
At most lending institutions, you are required to provide ongoing financial and operating statements on your business or property long after your loan has closed. These other lenders may also require you to make "covenants," which are legal obligations concerning the future financial strength of your business. That means that losing a tenant or experiencing a difficult business period gives those lenders the right to find you in default of your loan, even if you are current on your payments!
At Axis Finance Inc., once your loan has closed, simply make your monthly payments and we'll never ask you for more financial information.
Axis Finance Inc. does not charge you points. Points are finance charges you are required to pay by most lenders. One point is typically 1% of the loan amount. Axis Finance Inc. is a direct lender. There is no need for us to mark up the cost of the loan to you by charging you points.
Axis Finance Inc. does not charge any fees until your loan closes.
Other lenders charge as much as $1500 for this "junk fee" just to look at your application. In some cases the application fee is non-refundable.
A nominal processing fee is charged at closing depending upon the loan program chosen.
Other lenders require that you live in the state in which your property is located. Axis Finance's lending solutions do not have residency restrictions, you can live any state in the nation and we will fund your loan in any other state.
|
|
|