|
How do I get started with the loan process?
There are three ways for
you to begin the loan process with Monday Capital.
1) Complete
and submit the Get
Pre-Approved Now form found on the website.
2) Call us
toll-free at 1-800-952-9422
or
3) Email
us to request more information.
Does Monday Capital offer loans in my state?
Yes. We offer
financing for commercial properties in all 50 states and the District of
Columbia.
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.
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, Monday Capital will
provide funding for a commercial property that is located in a state other than
where the borrower resides.
Does Monday Capital 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
Monday Capital'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 Monday Capital charge?
While other lenders often
charge hidden or "junk" fees that you aren't made aware of until closing time
(legal, document preparation, fax, mail, and other administrative fees can
really add up), Monday Capital collects one flat $500 fee at closing and
that's it.
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?
Monday Capital 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 Monday Capital 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 Monday Capital 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?
Monday Capital
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.
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 Pre-Approved
Now form.
Any other questions?
Call us toll-free at 1-800-952-9422
. We're happy to assist and answer any
questions you may have.
|
