Silver Hill Funding, LLC is excited to announce a new suite of alternative commercial mortgage programs – each one designed to help you close more loans and grow your commercial business.
We know you’re busy, so we’re going to skip the small talk and get straight to the main points you need to know as a commercial loan originator. As always, be sure to reach out to a Silver Hill Regional Manager today with any questions you may have.
What is it?
The Silver Hill Fast Track Program is designed for investors and small business owners who have a short window in which to secure mortgage financing. Our program makes it possible for them to get the funding they need in just 2 weeks!
Our new program can benefit both you and your clients by drastically reducing the time it takes to close a small-balance commercial mortgage deal.
Why is it needed in today’s market?
Thanks to lending committees and a protracted approval process, traditional lenders can take months to close commercial mortgage deals. Unfortunately, many investors and small business owners just don’t have time to wait that long.
Whether a borrower is facing an imminent loan maturity or trying to meet a seller’s deadline on a real estate purchase, time is typically in short supply. In these cases, borrowers often feel as though their only option is to secure a hard money loan. Thanks to Silver Hill’s new Fast Track Program, borrowers can enjoy an expedited transaction process and avoid a hard money program’s high rates and short terms.
How does it work?
Here is a quick breakdown of the Fast Track Program’s options and terms:
|Loan Amounts||$100,000 to $500,000|
|Min FICO||650 minimum|
|Terms||5, 7, and 10-year hybrid|
|Amortization||15, 20, 25, 30|
|Occupancy||Investor and owner-occupied|
|Purpose||Purchase, refinance, cash-out|
|Property Types||Multifamily, Mixed-Use, Office, Retail|
|Appraisal Type||Commercial Valuation|
For more details regarding this program, reach out to your Silver Hill Regional Manager today.
Who is eligible?
A major factor that affects eligibility for the Fast Track Program is the state of the property’s title. A clean title for the purposes of this program is one that has:
- No judgments
- No tax liens/redemptions
- No Foreclosures
- No bankruptcies
- No pending vesting or probate issues
Meanwhile, a deal is likely to be ineligible for our program if it contains the following:
- Liens/judgments on subject property
- IRS or real estate back taxes
- OFAC/background issues
- Borrowing entity is a trust or corporation
- Environmental concerns
- Rural location
- Confirmed deferred maintenance
- Existing title issues
- Substantial seller issues
These are just general eligibility rules – for more information regarding specific deal factors, be sure to contact your Regional Manager.
How does the process work?
The Fast Track Program’s transaction process takes just 2 weeks from the start of the loan processing start date. This kind of abbreviated timeline can only work if all parties commit to several key deadlines outlined below.
Process Launch [Day 0 – 5]
- If broker is ordering title, then order must be placed by Day 1
- Order Commercial Valuation – Day 1-2
- Order 3rd Party Reports – Day 1-2
- 3rd Party Reports cleared – Day 3-6
- All conditions must be received by Day 5
In Process [Day 6 – 10]
- Commercial Valuation received – Day 6-8
- CRE completed – Day 7-8
- Payoff received – Day 6-8
- Title received – Day 6-8
- Title cleared – Day 7-10
- Insurance received – Day 7-10
Closing/Funding [Day 11 – 14]
- Underwriting completed – Day 11-13
- Issue FLTS – Day 12-13
- Schedule closing – Day 12-13
- Loan funds – Day 14
Any delay during the process above will prevent a loan from closing within the 14-day period, so it is imperative that you work closely with both your client and your Silver Hill team to ensure your deal stays on track!
It is important to note that a commercial deal that falls out of our Fast Track Program can still be a great fit for a different Silver Hill solution – often with a lower interest rate!
How can you use it to close more loans?
Creating a unique value proposition is key to setting yourself apart from the competition in your market. Your ability to solve problems for your audience needs to be both clearly stated and memorable.
That’s why Silver Hill’s Fast Track Program presents such an exciting opportunity for your business. By taking advantage of our program, you can add “quick closings” to your value proposition and capture a wider range of business in your market.
When can you get started?
If you have clients who may be a strong fit for our new program, you can get started right now! Fill out our contact form here and one of our commercial mortgage experts will then reach out to you and answer any questions you may have.