Just in case you haven't checked with your lender or loan broker within the past few days, please be advised that any pending loan applications that are not within 48 hours of closing or have not been issued a FINAL APPROVAL & LOAN COMMITMENT – may now be DENIED!!
In response to recent changes in the securitization market and a lack of liquidity from the secondary market that has reduced capital availability – most lenders have recently (within the last few business days) changed their loan program offerings and underwriting guidelines.
- Minimum credit score requirements have been INCREASED
- Maximum loan to value ratios have been DECREASED
- Loans for certain property or business types (restaurants, gas stations, mortgage & real estate companies, etc.) may no longer be available.
- Maximum loan amounts have been lowered
- Underwriting for "no income verification" loans has been tightened
- Seller-held 2nd mortgages may no longer be allowed
- If your lender was Interbay Funding, Silverhill Financial, Met West, Lehman Brothers, or any other Low Doc / Stated Income lender - your pre-approval is probably no longer valid.
So please contact your lender representative TODAY. Don't wait until the last minute. And if the worst has actually happened and your loan is no longer approved – please contact us immediately.
Since we offer portfolio loans that are not sold in the secondary market, we are not subject to fluctuations in the marketplace like many other lenders.
- We WILL still consider unique or Tier 3 & 4 property types
- We WILL allow seller held 2nd mortgages on many of our loan programs
- We WILL allow credit scores as low as 600
- We WILL do loans up to 100% LTV (yes, even TODAY, with all the other lenders reducing their maximum loan to value ratios)
- We WILL still allow for NO INCOME VERIFICATION loans
So call us TODAY at 863-299-2929 or visit our web site at http://www.commerciallendingpros.com/ if your loan has been denied by another lender.
We make the TOUGH Loans look Easy!!
Commercial Capital, Ltd.
Your #1 Source for Commercial & Business Financing
Office: 863-298-8900 eFax: 863-877-4456 Cell: 813-833-3132
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