NJ Commercial Lending

Compare Loan Programs

Table 1: Loan Program Comparisons

Comparisons	Alternative Funding	Bank Loan Process
Approval Process	48 hours written pre-approval	Loan committees take weeks/months
New Survey Req’d	No	Yes
Appraisals	Limited appraisals and reduced cost	Complete MAI appraisal
Environmental	Low cost environmental insurance	Phase 1 environmental required
Documentation	Residential style underwriting/streamlined process	Full commercial underwriting & documentation
Doc Preparation	None	Bank attorney’s ($2500-$5000) required
Balloon Payment	None	Refinance at balloon date
Assumable	Yes, no cost	Non-assumable or fee required
Financial Reporting	None	Ongoing financial reporting and covenants required

Save Thousands In Underwriting Fees And Closing Costs

Underwriting and Closing Costs	Breakdown
Filing (UCC)	$90
Flood Certification	$20
Tax Service Fee	$80
Credit Report	$25
Document Preparation	None
Lender’s Attorney Fees	None
Environmental Insurance	$1,000 (approx)
Appraisal	$1,500-$4,000
Application Fee	$500 (paid at closing)
Additional Reports & Inspections	None
Miscellaneous Fees	None
Total	$3,215-$5,715