Does Conner Affiliates, Inc. offer commercial loans in my state?
Most likely. We offer financing for commercial properties in most states.
Can I qualify for a loan even if I don't live in the state where the subject property is located?
Yes. We will guide you through a transaction that is located in a state other than where the borrower resides.
Does Conner Affiliates, Inc. lend to self-employed borrowers?
Yes, we do offer loans to self-employed individuals. We have a full documentation program for borrowers who are willing and able to document income.
How long must I own a property before I can apply for a refinance with cash-out?
We do not have a strict seasoning requirement and are willing to work with you to find a solution that suits your needs.
How long will it take to close my loan?
Loans usually close within 45-60 days. However, we will do everything possible to ensure your loan closes within your timeframe.
Why is it valuable to apply for a higher loan-to-value (LTV) amount?
Applying for a loan with a higher LTV amount allows you to better leverage your money. The return on equity you receive from your investment will be higher when you put less money down. Less money out-of-pocket means more cash on hand to invest in your business.
Will Conner Affiliates, Inc. accept an existing appraisal?
Possibly. If the appraisal was completed within the last six months, we encourage you to send it in for review. We try to keep borrower costs to a minimum and will typically accept a current appraisal of good quality.
Who is responsible for organizing the closing?
We handle all the details for your closing. If there is a title company you prefer to work with, we can schedule your closing with them. However, we do prefer to use title companies with which we currently have working relationships.
Who orders the title policy?
We order the title because it enables us to manage the deal and keep the process moving. We have relationships with title companies who understand the endorsements we require and are responsive to our needs.
What if the title is already in process?
We will work with you to help ensure there are no problems.
How does the appraisal process work?
After we receive a signed conditional pre-approval letter from the borrower and the estimated appraisal fee, we shop the appraisal with our network of appraisers throughout the country. Because of the volume of appraisal assignments ordered by us and our affiliates, we are able to command favorable pricing and turnaround times. Once we receive the estimated appraisal and processing fees, we will engage the appraiser. The appraisal generally takes two to four weeks to complete. The loan should close within a week thereafter.
What type of income verification do you require?
We require borrower(s) to verify their income by documenting three years of personal and/or business tax returns.