Frequently Asked Questions
Are you a Direct Lender ?
ALB Commercial Capital is a correspondent and partner with several of the nation’s leading financial institutions. We have spent years pre-negotiating discounted mortgage rates and terms, implementing internal support staff, and obtaining loan programs that you rarely find in small brokerage firms.
What Kind of Rates and terms does ALB offer ?
ALB Commercial Capital offers the industry’s top mortgage loan products. Management is constantly searching and interviewing with lending sources and extrapolating the best products to offer to our clients and loan officers. These relationships with capital sources benefit our commercial real estate investors by offering lower mortgage rates, better terms, and a diverse menu of financing options.
Our up-to-date mortgage calculator will also help in determining the best rates for your needs.
How much will it cost to get a loan ?
ALB Commercial Capital is required to collect upfront deposits that are applied to paying the cost of the appraisal and any other required 3rd party reports that are necessary in advance. ALB does charge origination fees. The fees are based on the loan amount but typically range from .50%-2%. Remember that small loans take the same amount of work as a large loan.
Do you cooperate with Brokers ?
Yes, ALB Commercial Capital has paid out hundreds of thousands in broker referrals. The process is simple: We get a broker fee agreement signed along with a w-9. At the end of the transaction, payment is made from ALB to the cooperating broker.
How long will it take to close my loan ?
Loans typically close in 30-60 days. However, several factors can affect the amount of time it takes for your loan to close. The ease of which we can order an appraisal on your building will play a major role. Typically, buildings in more suburban areas will be much easier to obtain an appraisal for than buildings in rural areas.
Returning the documentation we require from you in a timely fashion will also assist in speeding up the loan process.
What will you need from me to begin the loan process ?
- Ten minutes to complete a 1003 loan application with one of our knowledgeable loan officers.
- A completed Credit Report Authorization form, allowing us to determine your credit score
- A completed rent roll or lease summary
- Last 2 years of income and expense statement (or last 2 years schedule e’s for a refinance)
- Subject property photos (front, rear, sides, and up and down the street and around the surrounding areas).
That’s it. Once we have the above information, we are capable of putting a Letter of Intent in your hands in as little as 48 hours.
How do Prepayment Penalties work ?
A prepay of 3-2-1 means that if you pay off the loan the 1st year, 3% of the original loan amount will be charged, 2% the second year, and 1% of the 3rd year and none thereafter. To learn more about Yield Maintenance type prepayment penalties click on the attached document:
Understanding Yield Maintenance.
Do you have stated programs ?
Yes. Currently the market has very few loan programs that do not require tax returns, but we do have stated programs. Please call for guidelines and eligibility.
What is the minimum credit score allowed for commercial loans?
Generally, a FICO score of 680 is safe, but there are many other key essentials that could add strength to your transaction. It is best to consult with your loan advisor.
Which score do mortgage lenders use?
Generally, we use the FICO score. It is best to consult with your loan advisor.
Can ALB Commercial Capital finance Entities?
This is evaluated on a case-by-case basis, but we have been able to structure this for foreign national clientele. Due to the increasing number of foreign investors, this product is becoming increasingly more available but with certain restrictions and limitations.
Can ALB review my current Loan?
ALB is capable of reviewing your current mortgage loans and developing an action plan that best suits your needs. Whether you are the lender or the investor, our staff is ready to help. In times like these, many loans are upside down and therefore it is of utmost importance to not waste time wondering where you stand.