Frequently Asked Questions

1. What is the interest rate?
The interest rate is determined primarily by the property type and your credit score.

One-For-The-Money will need information from you to determine your rate. But as a business owner, you know that cash-flow is what counts and your monthly payment should be affordable. We will tell you what your monthly payments will be.

2. How long will it take to close my loan?
Your loan could close within 45 days – sometimes sooner. The reason why commercial loans take longer than most residential loans is that commercial properties are more unique and require a much more labor intensive appraisal process, which can take up to 3 weeks. If you have a specific deadline such as an expiring sales contract, be sure to inform us as soon as possible so that we can get your loan closed in time.

3. Are there any fees?
The appraisal fee, environmental due diligence and nominal closing costs are some of the fees associated with One-For-The-Money loans. Depending on the deal, there may be some additional charges. We will be able to provide you with additional details on all of the fees prior to moving forward.

4. Can you finance environmentally sensitive property types such as auto repair shops and dry cleaners?
If you have an environmentally sensitive property, you may be aware that most lenders require a Phase 1 or Phase 2 environmental report, which can cost thousands. Our programs are able to handle these types of properties with more relaxed environmental guidelines that cost much less than the traditional alternative.

5. Is there a penalty for paying off my loan early?
These loans are structured to be held for the long term. As a result, there is a penalty for paying off the loan early (within the first five years for most programs). Keep in mind that this is a business loan. And as long as you plan on being in business for at least five years after closing your loan, the penalty won't be an issue.

6.  Do you offer commercial loans in my state?
Yes. We lend in all states excluding Hawaii and Alaska.

7.  Can I qualify for a loan even if I don't live in the state where the subject property

      is located?
Yes. Unlike most traditional lenders, our lenders will provide funding for a property that is located in a state other than where the borrower resides.

8.  Do you lend to self-employed borrowers?
Yes, our network of lenders offers loans to self-employed individuals. We have a full documentation program for borrowers who are willing and able to document income.

9.  How long must I own a property before I can apply for a refinance with cash-

     out?
We do not have a strict seasoning requirement and are willing to work with you to find a solution that suits your needs.

10.  Why is it valuable to apply for a higher loan-to-value (LTV) amount?
Applying for a loan with a higher LTV amount allows you to better leverage your money. The return on equity you receive from your investment will be higher when you put less money down. Less money out-of-pocket means more cash on hand to invest in your business.

11.  Will you accept an existing appraisal?
Possibly. If the appraisal was completed within the last six months, we encourage you to send it in for review. We try to keep borrower costs to a minimum and will typically accept a current appraisal of good quality.

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

13.  Who orders the title policy?
We order the title because it enables us to manage the deal and keep the process moving. We have relationships with title companies who understand the endorsements we require and are responsive to our needs.

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

15.  How does the appraisal process work?
After we receive a signed conditional pre-approval letter from the borrower and the estimated appraisal fee, we shop the appraisal with our network of appraisers throughout the country.

Because of the volume of appraisal assignments ordered by us and our affiliates, we are able to command favorable pricing and turnaround times.

Once we receive the estimated appraisal and processing fees, we will engage the appraiser. The appraisal generally takes 2 to 4 weeks to complete.

The loan should close within a week thereafter.