What is the typical amount of paperwork needed for a loan?
It varies by lender. Some offer loan programs that eliminate income and asset verification requirements altogether.
Can I qualify for a loan even if I don’t live in the state where the subject property is located?
Yes. Some lenders provide funding for a commercial property that is located in a state other than where the borrower resides.
Can self-employed borrowers qualify?
Yes. Some lenders offer programs for borrowers who are willing and able to document income, while others have programs 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?
It varies. Most lenders are willing to work with you to find a solution that meets your needs.
How long will it take to close my loan?
Loans can often close within 45 days, but the timing can vary. Tell your lender as early in the process as possible what your time frame is, so they can do everything possible to ensure your loan closes within that time frame.
Content provided by Commercial Direct®, a division of Bayview Financial Small Business Funding L.L.C.
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