After an LOI (letter of interest) is issued a non-refundable fee is collected for appraisal purposes. The fee ranges anywhere from $795-$1995 depending on the loan size and the type of property. The only time that the fee will be refunded is in the event the loan doesn't close due UGMC's failure to perform as outlined in the Letter of Interest.
Typically our closing time frame is anywhere between 25-40 days. For our non-conforming commercial transactions it takes about 3 weeks to close and our residential loan programs usually take about 4 weeks. SBA loans take longer to close, roughly 60-90 days.
Usually our fees come directly from our private venture capital fund or from selling the loans on the secondary market. It also depends on the Terms chosen, some terms will ask for discount fees to be paid. Never guess, our fees will be disclosed in the Letter of Intent.
Contact one of our Account Executives and they will send you a broker approval application or one can be downloaded from this site ready for consideration. The approval process usually takes 3 business days as we perform a background check for every partner looking to join our team.
Primarily we are a commercial lender handling Multi-family, mixed use, retail, warehouses, self-storage, auto services and commercial condos. And 48% of our business is non-owner occupied residential 1-4 family properties including condos and non-warrantable condos too.