Upon receipt of the executed LOI and verification of the $500 (non-refundable, credited at closing) Appraisal Fee deposit, we will order 3rd party reports:
- Background Check
Borrower’s title preference and insurance contact information will be required at this stage. Both you and your client can benefit by returning all documentation required before the appraisal is delivered.
within 48 hours of submission
- Environmental Screen
- Flood Certification
The more information we have early in the process, the more certainty you can enjoy during the underwriting process. During this phase, it is important to have provided:
- Title Contact Information
- Any/All Entity Related Documents
- Insurance Contact Information
- Insurance Certificate*
Our pre-approval letter is like a transaction check-in that lists the documents we still need to finalize the underwriting process. To ensure that our letter is accurate and up-to-date, work with your client to submit all required documentation before we receive the appraisal.
- Entity documentation
- Certificate of occupancy*
We do not disclose YSP on the settlement statement. We pay YSP 7-10 days after the loan closes.
COVID-19 Increased Due Diligence
Additional layers of due diligence help us lend with confidence during this pandemic.
- COVID-19 Borrower Disclosure
- Full Documentation Loans Only
- Increased Focus on Tenant Stability and Strength
- Analysis of Real-Time Location and Industry Indicators
What kind of deals are good fit for Silver Hill's programs?
We specialize in providing alternative commercial mortgage solutions between $100,000 and $2 million for credit-worthy real estate investors and business owners who can’t or won’t work with banks.
What makes you different from traditional bank lenders?
Silver Hill Funding boasts more flexible loan programs, faster closing schedules, and fewer documentation requirements than traditional bank options. With banks turning down 80% of the applicants they talk to, there is a big opportunity with these prospects.
Do you lend in all 50 states?
Silver Hill lends in all U.S. states except Delaware, Hawaii, Idaho, Michigan, Montana, Nevada, North Dakota, South Dakota, Tennessee, Vermont, West Virginia, and Wyoming.
How long does it take for a commercial mortgage deal to close?
Every scenario is different, but Silver Hill’s mortgage experts are often able to complete a transaction in 35-45 days.
Which types of borrowers are eligible for Silver Hill loans?
Silver Hill lends to U.S. citizens, permanent resident aliens, and legal entities. Foreign nationals are not eligible.