Below are a few of the questions we get the most. If we did not address your question here please Contact Us and an Alliance Representative will respond to you as soon as possible.
We pride ourselves on moving fast and efficiently. It normally takes 45 to 60 days from us receiving back the signed letter of interest to get a loan closed. Your loan time frame may vary depending on several factors.
Costs of origination vary depending on the loan type and structure. You will need to get an appraisal, and an environmental report. There are other costs like attorneys fees, etc. Closing Costs which can usually be rolled into your loan. Your estimated costs will be outlined in your commitment letter, and can be explained by your Alliance Representative.
This will depend on the loan type. On Refinances, you may need no cash at all (with the exception of deposits for third party reports and an Alliance Processing Fee). For a purchase, you will need to contribute a portion of the loan amount in cash, and this will usually be between 10% and 25%. Your Alliance Representative will help you structure the loan so it best fits your financial situation.
No, you do not need to be a U.S. Citizen, however you must have legal residency status.
Alliance currently acts as either as a Loan Intermediary, Correspondent Lender, a Loan Consultant or a Broker depending on a variety of factors.
No. We are not a bank, however many of our Lending Partners are Banks. In most cases you will not be required to have a deposit relationship with any of our Lending Partners.
You can use the Contact Form or Quick App Form and an Alliance Representative will contact you back – usually the same Business Day. You can also call 866.712.4175 to speak with someone directly.
Yes, we are currently able to assist you, through our Lending Partners, in all 50 States. We can handle SBA 7(a), 504. and USDA Loans. We also have some Conventional sources as well.
Yes, we are happy to deal directly with borrowers. More than half of our borrowers deal directly with us.
Yes, we are happy to work with brokers. Alliance provides a written fee agreement to brokers. All we ask of our broker affiliates is that they allow us to work directly with the borrower in the closing process. We have found that this allows us to close loans much faster and more efficiently because we can get necessary paperwork completed faster.
Yes! We will review your credit history, and work with you to understand the reason you had a bankruptcy. A bankruptcy does not exclude you from obtaining a loan if you have valid reasons, and if you have taken good care of your credit in recent years.
All interest rates are changed on the first of the next month, to the current interest rate as of that date. For example, if the WSJ Prime or LIBOR index changes on January 18th, the rate on your loan will change February 1st to the rate that is current rate as of February 1st, and your payment will change March 1st (once the new rate has been reflected on your loan). Your interest rate will only change on the first of the month, rather than changing whenever the indices change.
It is very time consuming to process a Commercial Loan Package these days. Alliance charges a minimal fee which covers some of our time and expense that is involved in the handling of your loan request.
