Frequently Asked Questions (FAQ)
None of that comes into play. This is an asset based loan.
It was mentioned that funding would be up to 80% LTV on properties, can you explain how this works in conjunction with the down payment needed?
The balance of any funds will be utilized by borrower as a line of credit.
No the standard 30% down is always required.
Will your real-estate client remain your client and will we be commissioned on any future loans between them and GCCIG?
Yes. GCCIG charges the client a consultancy fees if they agree to pay. This will be specifically addressed in our Invoice supplied to lender and submitted with LOI, Intake Form, Application Agreement and POF and these fees will be paid at CLOSING in conjunction with prior consultant agreement between Borrower and GCCIG (payment by ACH to GCCIG).
At closing BY Borrower via title Company/Closing Attorney.
Referral fees will be submitted on itemized Realtor/Broker Referral Form and at closing each entity on Realtor/Broker Referral Form will be paid by ACH/wire transfer.
No upfront fees will ever be required.
The lender fees will be in the Final Terms and Conditions statement. These lender’s fee will be determined by the lender based on the strength of asset and will be a nominal % of loan amount to be paid at closing.
The Borrower will make their payments to lender (Insurance Company) who will be revealed to borrower at closing.
Your insurance company will be lien holder.
Any fees associated with closing will be disclosed prior to Final Terms and Conditions and payable at closing. Final Terms
Closings will be conducted like that of a traditional closing. Borrowers may choose a Title Company or their Legal (attorney) Representative of their choice or work with one of our many (?) Title Companies.
The program is for clients who have a Jumbo or Super Jumbo residential property that they want to purchase or refinance (usually similar in terms and conditions). For Borrowers who are paying high interest rates and are planning on staying in property long-term; For Borrowers looking to relive debt-to-income issues (DTI), For Borrowers looking for substantial lines of credit given that they have the equity in their real estate property and meet the down payment requirement. For Borrowers looking to lower their interest rate and payments can benefit from our low interest rates that will offer tremendous savings over the life of their loan. Borrowers should be aware that they will be impacted with upfront insurance bonding, interest and fees making it more costly on the front end. However, these or any upfront expenses to borrower can be included in the loan amounts leaving borrower after closing with 0 cash out-of-pocket. Which is a prime benefits of our financing models in that they offer borrowers a great deal of flexibility.
No credit is needed this is an asset based only loan.
BPO or Broker Pricing Opinion on asset is all that is initially required. If a full appraisal is required by underwriting the lender will advise borrower accordingly.
GCCIG is currently focusing on Real estate assets for this roll-out at this time. But will look at scenarios and requests.
It usually takes a shorter turnaround time for the entire process to be completed but could take up to the maximum turnaround time acceptable in the lending industry.
The expected underwriting approval and funding time table on each application will be between 30-45 days for Jumbo and Super Jumbo Residential loans and between 45-90 days for Commercial loans.
General Procedures are, once the applicant completes and submits the Letter Of Intent and Application, preliminary approval is generally provided within 48-72. However, approval time could be up to 96 hours depending on the number of loan submissions already in underwriting processing. Approval decisions will be conducted, administered and delivered electronically with Terms and Conditions to be signed off on by borrower(s).
No license requirements are needed in the United States, as all funding is 100% private. GCCIG Conducts business as a private lender pursuant to applicable Federal, State and International laws.
The initial benefit statement comes in the preliminary approval with the Terms and Conditions for borrower’s acceptance and signature.
No, final determination will come from underwriting in a preliminary terms and conditions page for borrowers signature.
No, lender requires 30% down.
are required to demonstrate POF of $300k down.
GCCIG‘s private asset based lender requires a 30% down payment of the requested loan amount and requires the borrower to show proof of those funds. If borrowers requests 1 million for a new purchase they are required to demonstrate POF of $300k down.