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 Our Team FAQ |
How long has Allison Mortgage been in operation? Allison Mortgage has been in business for more than 30 years, always putting our borrowers and brokers first. Is Allison Mortgage a true commercial lender? Yes, we are a full-service, private commercial equity lender. In addition to funding, we handle all aspects of your loan, from underwriting to closing to servicing. Is Allison Mortgage a hard-money lender? Yes. Although you may find our interest rates are above traditional commercial lenders, we specialize in serving our customers' needs with a professional approach to processing and underwriting, which guarantees quick closings and on-time fundings. We can assist you when time is of the essence and your needs cannot be met by conventional lenders. Since you are a private commercial lender, does that mean your interest rates are high? Our interest rates depend upon the amount of risk involved with carrying the loan; the better the subject property and the borrower's credit, the better the interest rate. What types of commercial properties do you consider? We consider all property types, including, but not limited to, raw land, mixed use, churches, day-care centers, dry cleaners, multi-unit buildings, retail buildings, convenience stores, garages, mobile home parks, office buildings, storage facilities and funeral homes. My loan has not been approved at banks with traditional mortgage brokers. Will you be able to assist me? Because we are a private commercial equity lender, we have more flexibility to assist you. We look at all factors - such as the local real estate market, the value of the property and your loan history - and not just your credit history and a financial statement. Because we are our own underwriter, we will work with you to learn what your goals are, and do our best to make your loan work. Can you assist borrowers with credit scores less than 500? Again, because of our being a private commercial equity lender, we take all factors into consideration when funding our loans. We factor the customer's credit, collateral and experience when underwriting a loan; so long as there are positive factors present in a borrower's profile, we will lend to a customer with a credit score below 500. I only need this funding for a limited time, and will probably refinance at a later point. Can I still utilize your services? Definitely. We are happy to help customers who are looking to buy some time with one of our loans. In fact, we will be more than happy to assist you in re-financing your loan at a later time. With Allison Mortgage, there is never a pre-payment penalty. What is cross-collateralization? Cross-collateralization is a term used when other assets can be used in addition to the primary source of collateral to secure the commercial mortgage. If my property can't carry the LTV (loan to value) ratio, can you look at my additional properties so that I can cross-collateralize? Yes. Do you allow seller subordination? Yes, for up to 100% combined LTV (loan-to-value). Do you fund large subdivision developments? Yes, for loans up to $4 million. Is my brokerage approved with Allison Mortgage? Yes. Individuals in the state of Georgia can broker commercial loans without a license. Can I submit a loan to you through my company, and then broker it individually? Before proceeding with the loan, we must receive a written authorization from your broker that this transaction is permissible. Do you offer yield spread? No. For more information on broker compensation, please contact an Allison Mortgage loan representative. Can you provide 100% financing on rehabilitation loans? We fund up to 70% of the property's After Repair Value, which in many cases can mean 100% financing of your purchase price. What different amortization schedules do you offer? Most of our loans are interest only, and therefore do not have amortization schedules. What are my options once my loan matures with you? Once your loan matures, we will be happy to assist you in modifying the loan, if your payments have been made in a timely manner. Does Allison Mortgage collect any fees prior to closing? While you may have to pay fees to outside entities prior to closing (such as inspector, survey, appraisal or title fees), you make no financial commitment to Allison Mortgage until closing the transaction. Do you lend outside of the state of Georgia? In order to keep our closings quick and our fees low, we primarily lend on properties located in the state of Georgia. However, we can make exceptions. Do you also lend on primary (owner-occupied) residences? Yes. Allison Mortgage is also a residential mortgage lender. We offer programs for good credit borrowers. What are your office hours? 9:00am - 5:00pm, Monday through Friday. |
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