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Home » Frequently Asked Questions
How do I get started with the loan process?
There are three ways for you to begin the loan process with Commercial Direct.
1) Complete and submit the Get Started Now form found on the website.
2) Call us toll-free at 1.800.916.7232; or
3) Email us to request more information.
Does Commercial Direct offer loans in my state?
Yes. We offer financing for commercial properties in all 50 states and the District of Columbia. What is the typical amount of paperwork needed for a loan?
Our simple approach to lending eliminates many of the cumbersome paperwork requests common in the industry. We even offer a loan program that eliminates income and asset verification requirements altogether.
Why do you need my credit report?
Your credit score provides us with valuable information to help determine the best program for you. We hold your information in strict confidence and it is not shared with unaffiliated third parties. See our Privacy Policy for more details.
Why do you need my Social Security Number?
Your Social Security Number is necessary and used for the sole purpose of ordering your credit report. The information contained in your credit report will help us to determine the best loan program for your lending needs. Be assured, we hold your information in strict confidence and it is not shared with unaffiliated third parties.
Can I qualify for a loan even if I don't live in the state where the subject property is located?
Yes. Unlike most lenders, Commercial Direct® will provide funding for a commercial property that is located in a state other than where the borrower resides. Does
Commercial Direct® lend to self-employed borrowers?
Yes, we do offer loans to self-employed individuals. We have a full documentation program for borrowers who are willing and able to document income and a program for those who cannot or choose not to document income and assets. How long must I own a property before I can apply for a refinance to take
cash-out?
We do not have a strict seasoning requirement and are willing to work with you to find a solution that meets your needs. Please contact us for more information. How long will it take to close my loan?
Loans usually close within 45 days, however, we will do everything possible to ensure your loan closes within your time frame. What is Parallel Processing and how does it affect my loan process?
Central to our ability to close your loan within 45 days is Commercial Direct's Parallel Processing, where the Appraisal, Title and Environmental Due Diligence work is performed in tandem, bringing you to the closing table faster than other lenders. 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 may be higher when you put less money down. Less money out-of-pocket means more cash on hand to invest in your business or property. What fees does Commercial Direct charge?
Commercial Direct 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. The only fees charged by Commercial Direct are a $500 Underwriting Fee and $495 Processing Fee payable at closing of your loan, not up front. What are third party fees?
Third party fees are costs incurred through a third party vendor in an effort to close your loan. Fees can include a Credit Report, Appraisal Report, Environmental Due Diligence processing and cost of the mortgage, Title and insurance policy and are the responsibility of the borrower. Who orders the Title Policy?
Commercial Direct® orders the Title Policy because it enables us to manage your loan more efficiently and keep the process moving. We have national relationships with title companies that understand the endorsements required and are responsive to our customer's needs. What if the Title is already in process?
We will work with you to help ensure that there are no problems. How does the
Appraisal process work?
After we receive your signed Conditional Pre-approval Letter and the estimated Appraisal fee payment, an appraiser will be selected through a bid process of a minimum of 3 quotes. With the volume of Appraisal assignments ordered by Commercial Direct and its affiliates, we are able to command favorable pricing and turnaround times. Once your Appraisal processing fee is paid in full, we will assign the appraiser. The Appraisal generally takes 2 to 4 weeks to complete. The loan should close within a week or so thereafter. Will
Commercial Direct® 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 your costs to a minimum and will typically accept a current Appraisal of good quality. We will not, however, accept an Appraisal completed after the Conditional Pre-approval Letter date. Who is responsible for organizing the closing?
Commercial Direct® handles 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. Does Commercial Direct escrow for taxes and insurance?
Commercial Direct® escrows for taxes only. You are required to provide proof of insurance before your loan funds. What are the Commercial Direct hours of operation?
A Commercial Loan Specialist is available Monday through Friday, 9am - 9pm Eastern Time. However, you can submit the Get Started Now form 24 hours a day, 7 days a week. How many loans does Commercial Direct fund in a year?
Last year we funded over $2.3 billion in small balance commercial loans. Why do I need to supply my Social Security Number?
Your Social Security Number is necessary and used for the sole purpose of ordering your Credit Report. The information contained in your Credit Report will help us to determine the best loan program based on your lending needs. Be assured, we hold your information in strict confidence and it is not shared with unaffiliated third parties. Is Commercial Direct a bank?
No. Commercial Direct is a nationwide direct-to-borrower commercial mortgage lender, specializing in loans from $100,000 to $1.5 million. Because we are not a bank, you won't be required to maintain an account with a minimum balance. When will a Commercial Loan Specialist contact me?
You can expect to be contacted by a Loan Specialist within one business day after you submit your Get Started Now form. Any other questions?
Call us toll-free at 1.800.916.7232. We're happy to assist and answer any questions you may have.
- Frequently Asked Questions
- How do I get started with the loan process?
- Does Commercial Direct offer loans in my state?
- What is the typical amount of paperwork needed for a loan?
- Why do you need my credit report?
- Why do you need my Social Security Number?
- Can I qualify for a loan even if I don't live in the state where the subject property
is located? - Does Commercial Direct® lend to self-employed borrowers?
- How long must I own a property before I can apply for a refinance with cash-out?
- How long will it take to close my loan?
- What is Parallel Processing and how does it affect my loan process?
- Why is it valuable to apply for a higher loan-to-value (LTV) amount?
- What fees does Commercial Direct® charge?
- What are third party fees?
- Who orders the Title Policy?
- What if the Title is already in process?
- How does the Appraisal process work?
- Will Commercial Direct® accept an existing Appraisal?
- Who is responsible for organizing the closing?
- Does Commercial Direct® escrow for taxes and insurance?
- What are the Commercial Direct® hours of operation?
- How many loans does Commercial Direct® fund in a year?
- Why do I need to supply my Social Security Number?
- Is Commercial Direct® a bank?
- When will a Commercial Loan Specialist contact me?
- Any other questions?
How do I get started with the loan process?There are three ways for you to begin the loan process with Commercial Direct.
1) Complete and submit the Get Started Now form found on the website.
2) Call us toll-free at 1.800.916.7232; or
3) Email us to request more information.
Does Commercial Direct offer loans in my state?Yes. We offer financing for commercial properties in all 50 states and the District of Columbia.
What is the typical amount of paperwork needed for a loan?Our simple approach to lending eliminates many of the cumbersome paperwork requests common in the industry. We even offer a loan program that eliminates income and asset verification requirements altogether.
Why do you need my credit report? Your credit score provides us with valuable information to help determine the best program for you. We hold your information in strict confidence and it is not shared with unaffiliated third parties. See our Privacy Policy for more details.
Why do you need my Social Security Number?
Your Social Security Number is necessary and used for the sole purpose of ordering your credit report. The information contained in your credit report will help us to determine the best loan program for your lending needs. Be assured, we hold your information in strict confidence and it is not shared with unaffiliated third parties.
Can I qualify for a loan even if I don't live in the state where the subject property is located?Yes. Unlike most lenders, Commercial Direct® will provide funding for a commercial property that is located in a state other than where the borrower resides.
Does
Commercial Direct® lend to self-employed borrowers?Yes, we do offer loans to self-employed individuals. We have a full documentation program for borrowers who are willing and able to document income and a program for those who cannot or choose not to document income and assets.
How long must I own a property before I can apply for a refinance to take cash-out?
We do not have a strict seasoning requirement and are willing to work with you to find a solution that meets your needs. Please contact us for more information.
How long will it take to close my loan?Loans usually close within 45 days, however, we will do everything possible to ensure your loan closes within your time frame.
What is Parallel Processing and how does it affect my loan process?Central to our ability to close your loan within 45 days is Commercial Direct's Parallel Processing, where the Appraisal, Title and Environmental Due Diligence work is performed in tandem, bringing you to the closing table faster than other lenders.
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 may be higher when you put less money down. Less money out-of-pocket means more cash on hand to invest in your business or property.
What fees does Commercial Direct charge?Commercial Direct 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. The only fees charged by Commercial Direct are a $500 Underwriting Fee and $495 Processing Fee payable at closing of your loan, not up front.
What are third party fees?Third party fees are costs incurred through a third party vendor in an effort to close your loan. Fees can include a Credit Report, Appraisal Report, Environmental Due Diligence processing and cost of the mortgage, Title and insurance policy and are the responsibility of the borrower.
Who orders the Title Policy?Commercial Direct® orders the Title Policy because it enables us to manage your loan more efficiently and keep the process moving. We have national relationships with title companies that understand the endorsements required and are responsive to our customer's needs.
What if the Title is already in process?We will work with you to help ensure that there are no problems.
How does the
Appraisal process work?After we receive your signed Conditional Pre-approval Letter and the estimated Appraisal fee payment, an appraiser will be selected through a bid process of a minimum of 3 quotes. With the volume of Appraisal assignments ordered by Commercial Direct and its affiliates, we are able to command favorable pricing and turnaround times. Once your Appraisal processing fee is paid in full, we will assign the appraiser. The Appraisal generally takes 2 to 4 weeks to complete. The loan should close within a week or so thereafter.
Will
Commercial Direct® 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 your costs to a minimum and will typically accept a current Appraisal of good quality. We will not, however, accept an Appraisal completed after the Conditional Pre-approval Letter date.
Who is responsible for organizing the closing?Commercial Direct® handles 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.
Does Commercial Direct escrow for taxes and insurance?Commercial Direct® escrows for taxes only. You are required to provide proof of insurance before your loan funds.
What are the Commercial Direct hours of operation?A Commercial Loan Specialist is available Monday through Friday, 9am - 9pm Eastern Time. However, you can submit the Get Started Now form 24 hours a day, 7 days a week.
How many loans does Commercial Direct fund in a year?Last year we funded over $2.3 billion in small balance commercial loans.
Why do I need to supply my Social Security Number?Your Social Security Number is necessary and used for the sole purpose of ordering your Credit Report. The information contained in your Credit Report will help us to determine the best loan program based on your lending needs. Be assured, we hold your information in strict confidence and it is not shared with unaffiliated third parties.
Is Commercial Direct a bank? No. Commercial Direct is a nationwide direct-to-borrower commercial mortgage lender, specializing in loans from $100,000 to $1.5 million. Because we are not a bank, you won't be required to maintain an account with a minimum balance.
When will a Commercial Loan Specialist contact me?You can expect to be contacted by a Loan Specialist within one business day after you submit your Get Started Now form.
Any other questions?Call us toll-free at 1.800.916.7232. We're happy to assist and answer any questions you may have.
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This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must submit a written application and all required documentation. All information submitted by loan applicants is subject to verification. All loan applicants must qualify under our underwriting requirements and satisfy all contingencies of loan approval. Loan approval will be subject to satisfactory appraisal, title review and no change in financial condition. Some loan types may not be available in all jurisdictions. This loan program is subject to change without notice. This loan program is for business purpose and commercial loans only. Copyright 2003 - 2008 Bayview Financial Small Business Funding, LLC. All rights reserved.
