APPLY ONLINE

Applying for a commercial loan can be a daunting task and very expensive if not done right.  We at LEMA Financial want your experience to be easy, timely and cost efficient as possible.  We ask for no upfront fees and the only out-of-pocket expenses you will incur prior to funding are investor/lender related costs such as environmental fees if needed and appraisal fees for example.  None of these fees will need to be paid until after conditional approval or Letter of Interest (LOI) is provided directly from the lender.  LEMA Financial is currently offering an appraisal rebate -- click the link to APPRAISAL REBATE CERTIFICATE form to view the details.

The following information is required to begin the preliminary underwriting process:

1. Income Property Application: To be completed by each principal owning 20% or more of the property being financed.
2. Current Rent Roll.
3. Income and Expense Statement.
4. Lease Summary.
5. Application Disclosures.
6. Minimum of five color photos (preferably digital if possible) of subject property.
7. If a purchase transaction, copy of sales contract including all of the addendums is also required.
8. If available, copy of a prior appraisal would be extremely helpful.

Submit the above information and you will be contacted within two business days to go over the details before loan is entered on a secure website for many lenders/investors to review.  Often there are multiple interested properties and if so, a side-by-side comparison report is created for you to chose from.  After a lender is selected and loan terms are agreed to subject to further verification, an appraisal is ordered by the investor.  Appraisal fees are to be paid by the borrower at that time.  An environmental impact study may also be required on certain properties.

Conditional approval is normally completed within 3 to 4 working days.  Appraisals can take as long as 2 to 4 weeks to complete once conditional approval and loan terms are agreed to.  After loan documentation is received and signed off by the underwriter, funding can take 1 to 2 weeks more.  In all, time of application to funding can normally be completed in 4 to 6 weeks.

You can expect to be kept aware of every significant step during the application and underwriting process.

LEMA Financial is normally paid by the investor/lender on all loan amounts of $1,500,000.00 or more.  On smaller loan balances of less than $1,500,000.00, a 1 to 3 point origination fee may be charged depending on various factors such a rate, term of loan, strength of borrower's financial statement, etc.  Origination fees, if any, will be disclosed either before or at time of conditional approval and paid out of the loan proceeds.
 

Contact: Robert C. Cullen
2914 E. Katella Ave., #200
  Orange, CA 92867
Copyright © 2007 LEMA Financial
California Department of Real Estate License Number 01094885

LEMA Financial
BUS: 714-998-7725 or 1-888-727-3258
FAX: 714-998-2577
Email: info@eloans2000.com
Website: www.eloans2000.com