Frequently Asked Questions
How do I get started with the loan process?
There are three ways for you to begin the loan process with Biz Money Lending.
- Complete and submit the Get Pre-Approved Now online form found on the website.
- Downloan the Biz Loan Planning Package and fax your information in
- Complete and submit the Secure Online Full Application; or
- Email us to request more information.
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Does Biz Money Lending offer loans in my state?
Yes. Biz Money Lending will do loans for commercial properties in all 50 states.
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What is the typical amount of paperwork needed for a loan?
Our simple approach to lending eliminates many of the cumbersome paperwork requests common in the industry. We even offer a loan program that eliminates income and asset verification requirements altogether.
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Why do you need my credit report?
Your credit score provides us with valuable information to help determine the best program for you. We hold your information in strict confidence and it is not shared with unaffiliated third parties. See our Privacy Policy for more details.
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Why do you need my Social Security Number?
Your Social Security Number is necessary and used for the sole purpose of ordering your credit report. The information contained in your credit report will help us to determine the best loan program for your lending needs. Be assured, we hold your information in strict confidence and it is not shared with unaffiliated third parties.
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Can I qualify for a loan even if I don't live in the state where the subject property is located?
Yes. Unlike most lenders and in most cases, Biz Money Lending can provide funding for a commercial property that is located in a state other than where the borrower resides.
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Does Biz Money Lending 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 and a program for those who cannot or choose not to document income and assets.
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How long must I own a property before I can apply for a refinance to take
cash-out?
We do not have a strict seasoning requirement and are willing to work with you to find a solution that meets your needs. Please contact us for more information.
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How long will it take to close my loan?
Loans usually close within 45 days, however, we will do everything possible to ensure your loan closes within your time frame.
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What is Parallel Processing and how does it affect my loan process?
Central to our ability to close your loan within 45 days is Biz Money Lending's Parallel Processing, where the Appraisal, Title and Environmental Due Diligence work is performed in tandem, bringing you to the closing table faster than other lenders.
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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 may be higher when you put less money down. Less money out-of-pocket means more cash on hand to invest in your business or property.
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What fees does Biz Money Lending charge?
While other lenders often charge hidden or "junk" fees that you aren't made aware of until closing time (legal, document preparation, fax, mail, and other administrative fees can really add up), Biz Money Lending only collects the exact amount of any fee that may be charged by an investor at closing and that's it.
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What are third party fees?
Third party fees are costs incurred through a third party vendor in an effort to close your loan. Fees can include a Credit Report , Appraisal Report, Environmental Due Diligence processing and cost of the mortgage, Title and insurance policy and are the responsibility of the borrower.
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Who orders the Title Policy?
Biz Money Lending orders the Title Policy because it enables us to manage your loan more efficiently and keep the process moving. We have national relationships with title companies that understand the endorsements required and are responsive to our customer's needs.
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What if the Title is already in process?
We will work with you to help ensure that there are no problems.
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How does the Appraisal process work?
After we receive your signed Conditional Pre-approval Letter and the estimated Appraisal fee payment, an appraiser will be selected through a bid process of a minimum of 3 quotes. With the volume of Appraisal assignments ordered by Biz Money Lending and its affiliates, we are able to command favorable pricing and turnaround times. Once your Appraisal processing fee is paid in full, we will assign the appraiser. The Appraisal generally takes 2 to 4 weeks to complete. The loan should close within a week or so thereafter.
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Will Biz Money Lending 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 your costs to a minimum and will typically accept a current Appraisal of good quality. We will not, however, accept an Appraisal completed after the Conditional Pre-approval Letter date.
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Who is responsible for organizing the closing?
Biz Money Lending handles 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.
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Does Biz Money Lending escrow for taxes and insurance?
Biz Money Lending escrows for taxes only. You are required to provide proof of insurance before your loan funds.
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What are the Biz Money Lending's hours of operation?
A Biz Money Lending Loan Specialist is available Monday through Friday, 9am - 7pm Central Time. However, you can submit the Get Pre-Approved Now, complete and submit the Secure Full Application or fax in your information from the Biz Loan Planning Package 24 hours a day, 7 days a week.
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Is Biz Money Lending a bank?
No. Biz Money Lending is a nationwide direct-to-borrower commercial mortgage broker and lender, specializing in loans from $100,000 to $3 million. Because we are not a bank, you won't be required to maintain an account with a minimum balance.
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When will a Commercial Loan Specialist contact me?
You can expect to be contacted by a Loan Specialist within one business day after you submit your Get Pre-Approved Now form.
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Any other questions?
Call us toll-free at 1-877-BIZMONEY. We're happy to assist and answer any questions you may have.
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