One-For-The-Money                     Traditional Lenders

Approval Process

48-72 hour written pre-approval streamlined approach

Loan committee that can take weeks or months

Average Closing Time

30-45 Days

60-120 days or longer

New Survey Requirements

None

Required

Appraisals

Limited appraisals and competitive network to reduce cost and time frame

Full Appraisal Required

Document Preparation

       In-House Attorneys

Outside Law Firms

Environmental

Low Cost Environmental Insurance Policy

Phase I 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 balloon note comes due

Assumable?

Assumable at no cost

Non-assumable or usually a fee required

On-going Financial Reporting Requirements

None

Financial Reporting and financial covenants required