Updated: Jan 23, 2022
Questions & Answers (Q & A)
Q: What are the types of fixed-rate commercial mortgage loans provided by Essencap Funding?
A: The following attribute types are applicable to our fixed-rate commercial mortgage:
2-4 unit attributes
Apartment, Townhouse (requires condo questionnaire)
Q: What type of fixed-rate mortgages does Essencap Funding provide?
A: Essencap Funding provides a fixed interest rate loan starting at 3.75%. All interest rates are based on the ratio of property income, expense, and personal credit. Contact us for more information. firstname.lastname@example.org or 888-269-1033.
Q: What are the minimum and maximum loan amounts for fixed-rate mortgages provided by Essencap?
Answer: The minimum loan amount for Essencap is US$75,000*, and the maximum loan amount is US$2 million. Please inquire if the amount exceeds USD 2 million.
Q: How fast is the fixed-rate mortgage loan provided by Essencap Funding?
A: The entire underwriting process and closing are 2 to 3 weeks.
Q: What is the minimum FICO score for Essencap Funding commercial mortgage loan?
A: 660 FICO requirements.
Q: What type of documents are required for the mortgage loan of Essencap Funding?
A: Our view of things is completely different from that of banks. Essencap Funding will require the following documents to obtain a commercial mortgage.
Appraisal report (real estate value, market rental value)
Personal financial statements
Entity / Corporation document
§ No tax declaration required
§ No CPA letter required
§ No employment letter required
§ No three-month deposit certificate is required
Q: Do you take a loan from a company or limited liability company?
A: Yes, we lend only to a company or limited liability company.
Q: Can Essencap Funding lend to the foreign citizens?
A: Our loan can be used for the following borrowers:
· US citizens
· Canadian citizens
· Permanent resident
· Foreign citizens
Q: Can I obtain funds for the residence I wish to live in permanently?
Answer: No. Essencap Funding provides only commercial loans for non-owner-occupied (invested) property.
Q: Is there a prepayment penalty?
A: Yes, the first year is 3% of the loan amount, the second year is 2% of the loan amount, and the third year is 1% of the loan. No prepayment penalty after year 3 and on
Q: Is Essencap Funding a bank?
Answer: Essencap is supported by hedge fund companies. Our funds come from various investment sources. Our loan documents are similar to banks. But decision-making and transfers are much faster.
Q: What are the fees for 30-year fixed-rate loans?
Answer: It is similar to a bank, real estate appraisal fee, credit check fee, title fee, local mortgage tax (if appliable), an origination fee for Essencap Funding
Q: Do we need a lawyer to close a loan?
Answer: If the local state does not require a lawyer , we can save you legal fees and allow the title company to transfer the account.
Q: Can Essencap funding lend in all 50 states?
Answer: No. North Dakota, South Dakota, Vermont. California, Nevada. , All other state loans we provide
Interest rate information**
Adjustments to above rates:
PDTI ≥ 75%: +0.25%
Loan Size < $100,000: or > $1,000.000 +0.25%
Condo, Townhome, 2-4 Unit: +0.125%
Rate reference is based on Feb 15, 2021