FAQ

Who is the best candidate for a Small Commercial Loan?

Borrowers who are looking for financing on an income producing or commercial bank financing because they prefer not to show verifiable income or assets. Such as:

• Applicants without sufficient credit history

• Business owners who desire to take cash out of their property

• Entrepreneurs and self-employed people wanting to purchase a location for their business

• Borrowers who want to limit their investment to as little as a 10% down payment

What type of income verification do you require?

We require a completed application (Fannie Mae 1003) with the borrower income and assets stated for pre-approval. The only income verification we require is on the subject property. We require rent rolls, leases and estoppel certificates on properties with more than four units certified by the borrower. Estoppel certificates are only required if there is one unit in a building which is responsible for more than 40% of the total income. Stated income and stated assets allows self employed borrowers who cannot verify all of there income to qualify for financing.

Can you finance properties that have a high environmental risk such as gas stations, auto repair or dry cleaners?

When these loans are pre-approved, we require the borrower and/or seller to complete an environmental questionnaire which is submitted to an environmental insurance company. They review the information provided and issue a policy based on the environmental risk of the property. The premiums usually range anywhere from $500 to $2,600, saving borrowers money over the cost of a typical Phase I environmental report. The use of environmental insurance allows us to finance the "high risk" properties which more conforming lenders will not.

For more information on how our Commercial Lending Division can help you, please contact us at:

Hyatt Home Mortgage, Inc.
518 West Flagler Street
Miami, FL. 33130
Phone: (888) 81-HYATT or (800) 814-9288

Or email our commercial loan department at edfadel@hyattmortgage.com