Frequently asked questions
Answers about timing, fees, credit, leasing and signing.
How long does it take to find out about a loan?
Once we have the information needed to begin underwriting, an initial answer takes 5 to 10 minutes. Finding lease space takes longer, because we first schedule a consultation to understand what location suits your business.
How long does an acquisition and development loan take to close?
Underwriting typically takes about 30 days, depending on how quickly we receive the required documents. Delays in paperwork can extend this to 90 days. We aim to close every acquisition and development loan within 90 days.
What if my credit score isn’t perfect?
We can look at alternative loan programs to fit your situation. We also recommend getting a Dun & Bradstreet number for your business, since that is how business credit is rated, and we can help you obtain one.
Are there fees to start the loan or leasing process?
Yes. Upfront fees can include appraisal, loan commitment, environmental (if needed) and loan processing fees. The amounts depend on your financing needs and are discussed at your initial consultation.
Will the interest on my loan be tax deductible?
In most cases mortgage interest on a business or home is tax deductible, though restrictions can apply to high loan-to-value and investment property transactions. Please confirm with your tax advisor.
Do I have to come into the office to sign documents?
We prefer that clients sign at the office so we can properly verify identity and protect against fraud. Depending on the circumstances, a representative can meet you at home, work or a public place with proper identification, and in some cases paperwork can be sent overnight for signing.
Do I have to personally guarantee a commercial lease for my small business?
No. Many landlords ask for a personal guarantee in case the business fails, but we advise clients not to sign one, because it can affect future financing if you later apply for a small business loan for working capital.
What is CAM, and do I have to pay it when leasing?
CAM stands for Common Area Maintenance. Most commercial leases require tenants to pay a share, based on the square footage they lease. CAM can be flat or variable and covers costs such as repairs, insurance, property maintenance and sometimes property management staff.
Can you represent me when buying commercial real estate?
Yes. Through our parent firm, Pen Pointe Brokers, licensed agents can represent buyers purchasing or leasing commercial property.
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Ready to talk about your project?
Call a loan officer, or send your documents and we’ll start underwriting.