This questionnaire is for business purpose real estate loan documents. It is your responsibility to determine if it…
Business Purpose Loan Docs Features
- Instant loan docs with unlimited, free redraws on the same transaction
- 50 state coverage (lender state governs choice of law except security instrument)
- Secured by residential, multi-family or commercial real estate
- Up to 2 borrowers of ANY type (full signature blocks, not blanks)
- Up to 2 properties cross-collateralized within any state or between any two states
- Up to 4 guarantors
- 1st or junior liens
- Pre-Maturity Default Compensation Options
- Reports Feature to save all of your data for any year end reports to regulators or for internal use
- Balloon or amortized, up to 3 payment sequences
- Fixed or adjustable (multiple benchmarks to choose from)
- Closed-end or Line of Credit
- Guaranteed Interest feature
- Multiple prepay options such as 5-4-3-2-1 etc.
- Full closing instructions with choice of endorsements, exceptions and title insurance amounts
- Mortgage Loan Disclosure Statement, including new multi-state form (picks the right form and does all the math)
- Interest reserves and holdback
- Co-Broker and Referral Fees
- Grace Period and Late Charge Percentages
- Exit Fee feature
- Appraisal Rebalance Option
- “Bad Boy” Guaranty option
- Special Purpose Entity (“SPE”) option
- Non-Borrower Security Instrument Signer
- Multitude of fees plus custom fees can be input
- Ability to add custom clauses to note, security instrument, loan agreement and closing instructions
- PACE and HERO clauses
- Entity Authorization (Minutes)
- Cannabis clauses
- Extension options
- Letter to senior lender for junior loans
- Debt Service Coverage Ratio, Capital Reserve, Debt Service Reserve options
- Full disclosures and common forms such as Loan Agreement, CFL, Fair Lending, Compliance Agreement, ECOA, Balloon Notice, Declaration of Non-Owner Occupancy, Business Purpose Declaration, Patriot Act, Arbitration, Environmental Indemnity (commercial), Trust Certification for trust loans
- ACH option
- W-9
- Prefilled loan servicing booking form