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What
kind of interest rates can Mission Oaks National Bank offer?
Does
Mission Oaks National Bank work with brokers?
Yes! Mission Oaks
National Bank has a reputation as a broker friendly
bank. We want to work with you to close all of your commercial real
estate loans. Many of our Business Development
Officers say that it is especially rewarding to close a loan for
a broker that they have been working with for a number of years. We're
in it for the long haul.
How can I get a quote
for my commercial loan scenario?
You can fill out
our online submission form and one of our Business
Development Officers will contact you promptly.
Do
brokers have to sign up with Mission Oaks National Bank in order to close
a loan with MONB?
No. Mission Oaks
National Bank has a broker friendly open submission process. There is
no need to fill out lengthy broker packages or to go through a bunch
of red tape even before you get to submit a loan. We want to work with
you to close all of your commercial real estate loans from now on.
How
do brokers make money when working with Mission Oaks National Bank?
Mission Oaks National
Bank pays brokers a referral fee for their services. We can be very
flexible in structuring this referral fee to meet the needs of the borrower
and broker. Here is an example of some recently funded loans and the
broker fees paid:
What
is MONB's niche?
Our niche is owner-user
commercial real estate. Our experience and expertise is in underwriting
for owner-user business real estate such as hotel/motel, assisted
living, office, retail, warehouse, light industrial,
restaurant, and auto service/repair among many other property types.
We are also very seasoned in SBA financing. While
we have a preference for owner-user real estate, we are also experienced
in financing investor owned real estate.
What
kind of interest rates can Mission Oaks National Bank offer?
Our loan matrix
will give you a ballpark idea of the rates and terms that we can offer
on the various commercial property types. Click
here to request our loan matrix and
discover our commercial loan interest rates.
Does
Mission Oaks National Bank do business-only loans (no commercial real
estate)?
No. At this time
Mission Oaks National Bank is not issuing any business-only loans that
do not involve commercial real estate. We can however, offer Small Business
Administration loans for the purchase of real estate as well as non-tangible
assets such as business value.
What
is the quickest way to have my loan scenario reviewed?
The quickest and
easiest way to find out if your loan scenario is something that MONB
can handle is to submit a loan online. One
of our experienced Business Development Officers will review your scenario
and let you know if it is something that we can get done.
I
found Mission Oaks National Bank on a 3rd party website such as c-loans.com
or scotsmanguide.com. Do I have to continue to submit loans to through
these websites in order to work with MONB?
No. In fact, while
we value the partnership of such companies, we will receive your scenarios
faster if you submit a loan online or email
a loan scenario directly to us, rather than to submit your loan
to a 3rd party website.
Does
Mission Oaks National Bank have a "Stated Income" program?
No. However, MONB
underwrites loans with a common sense approach. We understand that a
net loss does not always mean negative cash flow. Many borrowers and
brokers mistakenly assume that they cannot qualify for a full documentation
loan and in so doing, they pass up on an opportunity for a better rate
and term. If you're not sure if the loan will qualify as a full documentation
loan, submit a loan package and let
one of our Business Development Officers
tell you if your scenario has enough cash flow.
Do Mission Oaks National Bank employees have a size limit on emails?
Yes. MONB Business
Development Officers, Loan Officers,
and Loan Administrators can receive a maximum
of 8MB per email. Please attach files to multiple emails if necessary.
For a quick answer
on you new commercial real estate loan scenarios, email your preliminary
packages to loans@missionoaksfunding.com.
I am interested in becoming an employee at Mission Oaks National Bank,
who do I talk to?
Please send employment
inquiries for the commercial lending division to our Vice-president,
John Mitchell via email at jmitchell@missionoaksfunding.com.
How long will my loan take to close with Mission Oaks National Bank?
Our goal at MONB
is to close your loan as quickly and painlessly as possible. We have
closed many loans in 30 days or less. The time that it takes to close
your loan depends on many factors such as: how long it will take an
MAI certified commercial appraiser to complete an appraisal on the subject
property, how long it has been since an environmental
evaluation has been performed on the subject property, how quickly necessary
documents are gathered and sent to MONB, and how cooperative all parties
involved are towards the end goal of funding your loan.
The process can
be expedited when borrowers, broker, sellers and agents are organized
and prepared to gather and deliver the documents necessary to gain approval
on your loan.
I was issued a Prequalification Letter and it says that a deposit is required
to continue underwriting my loan; what will my deposit be used for? When
do I get my deposit back? What if my loan is declined?
Commercial loans
require a great deal of due diligence (certainly much more than residential
loans). The deposit goes to cover the costs of this due diligence These
costs include: a commercial appraisal, an environmental
report, a preliminary title report, credit reports, D&B reports,
and any other miscellaneous costs incurred during the underwriting process.
Any remaining funds
of the deposit along with an itemized expense statement will be returned
to the borrower at closing.
If the loan is declined,
any unused portion of the deposit will be refunded in full (so long
as no factual information was misrepresented - see Prequalification
Letter for details). The appraisal and environmental reports will also
be sent to the borrower.
Does
MONB charge a packaging fee to underwrite loans?
Yes. After a preliminary
package is reviewed and a loan is Prequalified, MONB asks for a non-refundable
packaging fee to continue to underwrite
the loan. The amount of the required packaging fee varies on the size
and scope of the loan, but the packaging fees typically range from $1,000
to $2,000.
Can
MONB use an appraisal
that was ordered by a broker or a borrower?
No. It is considered
to be a conflict of interest if a broker or a borrower (or even a seller)
were to order an appraisal on the subject property. Therefore, all appraisals
must be ordered by and assigned to Mission Oaks National Bank. Appraisals
ordered by other qualified financial institutions that meet MONB's appraisal
criteria may be acceptable on a case by case basis.
Can
I receive a referral fee on loans outside of my state?
Yes. The laws for
brokers and licensing vary from state to state, but Mission Oaks National
Bank is a federally chartered bank and we can lend in all 50 states.
Brokers may be restricted from charging and collecting fees from borrowers
in different states, but MONB can pay brokers a referral fee regardless
of the location of the subject property.
What
are MONB's minimum and maximum loan amounts?
Our loan amounts
range from about $250,000 (or maybe a little less) to about $15,000,000
(or maybe a little more).
Our minimum loan
amount for SBA loans is $425,000.
Our minimum loan
amount for multi-family property is $1,000,000.
What
is the lowest credit score that MONB will work with?
At MONB we are more
concerned with the nature of an applicant's credit history rather than
basing our entire credit decision on the score alone. That said, applicants
with scores below 600 usually have a credit history that might prevent
them from qualifying for a loan with Mission Oaks National Bank. This
is not true with every scenario. We urge brokers and borrowers that
are seeking a loan with MONB to send us your credit report so that one
of our qualified staff can review your credit
report and we will let you know if your credit should qualify.
Does
MONB offer SBA Loans?
Yes. Mission Oaks
National Bank is a preferred SBA Lender. We offer SBA 504 loans and
7a loans. We are very experienced with SBA financing and we have been
recognized for our efforts by being named Arizona's
top SBA Lender.
What
can I do as a broker to help get my client's loan funded as quickly as
possible?
There are a few
things that brokers can do to help their client's loan fund more quickly.
The first is to have a good preliminary loan
package ready to send to lenders for review. Also, be ready to gather
additional documentation for the lender at their request. Practice makes
perfect, so as you become more familiar with the commercial underwriting
process, you will be more prepared for the next time out.
Where
can I learn more about commercial real estate financing?
You can learn more
about commercial real estate financing right here on missionoaksfunding.com.
We put together some of the best articles regarding commercial real
estate financing that can be found on the web and we put them all on
our Commercial Lending Resources
page. This is an invaluable tool for brokers that are just getting into
commercial real estate financing and seasoned professionals alike.
You can also check
out our commercial lending
glossary to familiarize yourself with commonly used commercial lending
terms.
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