Lot Loan – AD Loan
COMMERCIAL
This program is designed to provide a business loan for a Borrower purchasing a commercial lot or refinancing a current commercial lot loan. Commercial lots must be eligible for present or future commercial construction. Construction financing is also available
The Case Financial Advantage:
- Fast pre-qualification, typically within 3 to 5 business days
- Deal directly with the Loan Officer/Underwriter
- Loans available to Borrowers with excellent to less than perfect credit
- No minimum acreage requirements or maximum limitations
- Commercially zoned land only
- Up to 3 year terms (longer terms available on an exception basis)
- Loan amounts up to 55% of the purchase price
- Interest only payments in the first year (payments after the first year to be determined)
- Full income documentation, self-employed, limited income and stated income programs available
- Loan amounts of $20,000 to $1,000,000
Rates and Fees:
- Rate: WSJ Prime + 1.50% to Prime + 2.95%. Currently rate floors are in effect, please call for a quote.
- Application Fee: $450
- Loan Fee: 1.00% to 2.00% (based on overall qualifications)
- Broker Fee: 2.00%
Documents required for a full application package. Submit by Email, USPS or Overnight Mail Only:
- Loan Submission Form
- Fully completed and signed 1003 application
- Tri-merge Credit Report for Borrower(s)
- Current month pay stubs if a W2 Employee
- 2 years tax returns including all attached schedules and W2’s (if applicable)
- Asset Verification (2 Months statements for all accounts including checking, savings, 401k, IRA, stocks, other)
- Legible copy of a valid drivers license for Borrower(s)
- Map of the Property
- Signed and Accepted Purchase Contract for Land/Lot or Closing Statement on Land/Lot Purchase
- Lot/Land Improvements List
Other:
Investor will order all appraisals. The appraisal fee must be paid in advance.
