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About Smart Finance Options Commercial Lending
Smart Finance Options Commercial Lending is a brokerage utilizing privately funded national hard money (private money) sources that specialize in non conventional commercial loans. Our depth of knowledge and experience allows us provide lending sources to fund loans that many lenders would never even consider.
Why use Smart Finance Options Lending?
• No upfront fees• Receive an honest answer quickly• Quick closings with no hidden fees• We provide true lenders that lend only their own funds• All underwriting and lending decisions made “in house” by the lender• Structure loans to fit the uniqueness of each transactionA true Portfolio Lender. We specialize in:
• Equity-based commercial lending• No doc program• No credit check• No income verification• No appraisal needed• Properties that are not currently cash flow producing• Properties that are in/nearing foreclosure or are currently listed for sale• Unlimited cash out for any reason• Preliminary commitments in as little as 24 hours• Loan closings in 2-3 weeks• Loans in all 50 states• Flexible payment options. Our experience allows us to quickly understand the value of a property and fund shortly thereafter.NO UPFRONT FEES!!!
Our sources are different than other equity lenders. Most lenders require appraisals and non-refundable deposits up front for due-diligence; these fees can run upwards of thousands of dollars. No fees are required up front prior to issuing a preliminary commitment.
Since we use private funders you can expect quick and efficient response to your loan requests. There is no loan committee to delay the approval process. Most preliminary commitments are issued within as little as 24 hours.
A Simple 7 Step Loan Process
1.Complete our 1 page submission form and return along with color photos
Complete our 1 page submission form and return along with color photos2.Our lender underwrites the deal in-house
Our lender underwrites the deal in-house3.A preliminary commitment is typically issued within 24 hours
A preliminary commitment is typically issued within 24 hours4.Lender inspects the property (nominal inspection fee applies)
Lender inspects the property (nominal inspection fee applies)5.Final commitment is issued; deal ready for closing (refundable deposit required)
Final commitment is issued; deal ready for closing (refundable deposit required)6.Title search and Environmental (Phase 1) are performed
Title search and Environmental (Phase 1) are performed7.Deal closes
Deal closesContact us today to learn how our innovative products can help you. The secret to non-traditional commercial lending is just a phone call or an e-mail away.
Telephone: (512) 517-8200
Email: Mbutler@io.com
NO-DOC / PRIVATE LENDING
No-Doc lending is a unique niche that is very different than other sub-prime products. No-Doc loans are one type of private loan. Typically sub-prime lenders underwrite primarily on credit, income, or cash flow of the property. The no-doc lender solely underwrites on the property and not the borrower. For example, if a borrower has a 430 credit score, most sub-prime lenders would be unable to accommodate this borrower solely based on his or her credit. A no-doc lender would focus on the property. As long as the property has enough equity in it, the no-doc lender will make the loan.
There are many advantages of no-doc loans for clients. First no-doc lenders require very little documentation from the borrower/broker. The key pieces of data will revolve around the valuation of the property (rent rolls, pictures of the property). Second, no-doc lenders are able to respond very quickly. Many are privately funded so there are no loan committees to wait on. Finally, rates, terms, prepays are flexible with most no-doc lenders. Since they are privately funded, they can be flexible on how they structure the loan to best fit the deal.
Who are the typical clients for a no-doc program? Typical clients fall into five primary categories:
·Time impaired borrowers: These are borrowers that have to close quickly due to contract expiration on a purchase or because they need cash now for other purposes. These customers fall out of traditional sub-prime programs due to their time requirements (two weeks or less)
Time impaired borrowers: These are borrowers that have to close quickly due to contract expiration on a purchase or because they need cash now for other purposes. These customers fall out of traditional sub-prime programs due to their time requirements (two weeks or less) ·Credit impaired borrowers: These borrowers have somehow significantly hurt their credit (bankruptcy, foreclosure, etc…) and need cash to clean up credit issues or buy himself or herself out of a foreclosure or bankruptcy.
Credit impaired borrowers: These borrowers have somehow significantly hurt their credit (bankruptcy, foreclosure, etc…) and need cash to clean up credit issues or buy himself or herself out of a foreclosure or bankruptcy. ·Require a non-recourse loan: Many borrowers are unable/unwilling to personally guarantee a loan and need to close solely in the name of an entity. Traditional banks are typically unwilling to write a non-recourse loan, most of their products are heavily credit score driven.
Require a non-recourse loan: Many borrowers are unable/unwilling to personally guarantee a loan and need to close solely in the name of an entity. Traditional banks are typically unwilling to write a non-recourse loan, most of their products are heavily credit score driven. ·Borrowers that are unable/unwilling to disclose information: In many situations the borrower is unable or unwilling to disclose all of the necessary information for a more conforming product (tax returns, operating statements, etc…).
Borrowers that are unable/unwilling to disclose information: In many situations the borrower is unable or unwilling to disclose all of the necessary information for a more conforming product (tax returns, operating statements, etc…). ·Borrowers that have properties that are not currently cash flow producing: A borrower might have a property that is not fully occupied or totally vacant. For example, a client might own a building that is in a great location, but they have only occupied twenty percent of the building. This building still could be very valuable as collateral due to its location and property type. Most conforming lenders require at least a minimum debt service coverage ratio (DSCR) and would not lend on a property that falls substantially below their DSCR.
Borrowers that have properties that are not currently cash flow producing: A borrower might have a property that is not fully occupied or totally vacant. For example, a client might own a building that is in a great location, but they have only occupied twenty percent of the building. This building still could be very valuable as collateral due to its location and property type. Most conforming lenders require at least a minimum debt service coverage ratio (DSCR) and would not lend on a property that falls substantially below their DSCR. A no-doc lender can help clients in all of these five categories since they are underwriting solely on the asset and not the borrowers credit, income, or payment ability. A true no-doc lender is also able to understand the true value of the property even if it is not currently cash flow producing.
Loan Program Guidelines
Smart Finance Options Commercial Lending is different than banks and traditional lenders. We use a privately funded "equity" lender. Because of our funding, we can close difficult loans quick that most other lenders would turn down. These loans include credit-impaired borrowers and non-cash flow producing properties.
Borrowers
• Individuals, Corporations, LLC's, Partnerships, Trusts, Estates, etc.
• Non-credit score driven
• No income verification
• Bankruptcy/Foreclosure OK Properties
• Commercial properties only
• Mixed-Use, Office, Apartment, Retail, Light Industrial, Others considered
• Non-cash flow producing properties OK
Parameters
• Cash out for any reason
• Borrow against properties listed for sale or currently in default Portfolio Lender
• Creative approaches to Equity Based Lending
• In-house common sense underwriting
• Quick turn-around without the headaches of traditional lenders Loan Specifics
• Loan Amounts: Up to $5M
• Loan to Value: Max 60%
• Interest rates: Start at 10.99%
• Points: Start at 2
• Loan Term: Flexible amortizations and interest only
• Lien Position: First Only
• Prepay: Flexible
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