It might appear that once your loan reaches the point of closing, you’re all set to go. However, when it comes to the commercial lending process, loan servicing is yet another critical – and often complex – component of the process.
Despite what you might believe, you aren’t home free just because your deal makes it to the title company. In fact, the closing process can be significantly lengthy and fraught with the potential for problems.
When you work with Capital Pro Partners, we not only help you close the loan but can service the loan until maturity. Contact us to discuss our loan servicing options.
Servicing a loan requires countless steps leading up to the culmination of the process – the funding stage. This process typically begins fairly early on, often beginning during the period of analysis, underwriting and loan negotiation. The first step typically involves choosing an escrow company and getting set up for whatever type of title insurance might be required (if any) for your deal.
In addition to a title commitment, you might also need a land survey (if your loan is being secured with real property), as well as other types of third-party reports. Third-party reports might include a property appraisal, environmental reports, inspection reports, etc.
Capital Pro Partners works closely with the borrower, the lender and the title and escrow company to ensure that all conditions for loan servicing are met within the time prescribed by the terms and conditions of the loan.
Unlike conventional loan servicing costs in the consumer lending realm, commercial loan servicing costs can vary significantly depending on the specific details of the loan. One of the most common questions we hear from potential borrowers is, “how much are commercial loan closing costs?”
The answer is, as you might expect, that it varies based on the specific type of loan and the terms arrived at during loan negotiation. Every lender has its own structure of fees and costs, as does every escrow and title company. Servicing costs for a commercial loan typically include escrow fees, title insurance premiums, third-party report costs, underwriting fees, processing fees. You should also expect to pay lender and broker origination fees and potentially origination points.
We will work closely with each member of the lending team to identify what your loan servicing costs will be, so that you don’t have any surprises when the time comes for closing.
Loan services – including title and escrow companies – may also be a necessary component of completing your loan transaction. However, the loan services that you receive from Capital Pro Partners are an included part of our overall services package that we offer our borrowers.
Our in-house team of experts handles every possible aspect of the process on your behalf, ensuring that – when it comes time to close your deal – you simply have to execute the required documentation and forward your funds to the title company.
Contact us now to learn more about how we can simplify and expedite the loan closing process for you.