How do I get started with the loan process?
Easy. There are two ways to apply to Onyx Capital Group's commercial real estate mortgage program:
1. Fill in an online <application form, and we'll get back to you within 24 hours (Monday to Friday).
2. Call us toll-free at 1-800-657-5157, and we'll take down your details and talk you through the process.
What sort of credit rating do I need to get approved for an Onyx Capital Group loan?
There are a lot of variables involved in approving a commercial real estate investment loan, but we find that, for the most part, you really need to have a credit score of around 640 or more, and 15-20% down payment on hand. Of course, depending on the circumstances, you can get by on less than that, but we find that range is about the bottom end of the scale most of the time.
Do you really give a response to applications within 24 hours?
Of course! It's what we do. Our goal is to always respond to you within 24 hours (Monday to Friday), and get your loan process moving as quickly as possible, so you don't miss out on any investment opportunities.
I'm self-employed: Does Onyx Capital Group have a problem with that?
Not at all, in fact we offer loans to self-employed individuals all the time, in fact, many of our best customers are self-employed real estate developers and investors. Just as long as you have full documentation of your assets and are able to properly document your income, we can work with you to secure commercial real estate financing.
For those people who cannot, or choose not to, document their income and assets, we have a stated income/stated asset program that may help.
Does Onyx Capital Group offer commercial real estate loans in my state?
If you live in the United States, yes! We offer complete financing for commercial real estate properties in all fifty states, no matter whether you're in Anchorage or Tuscaloosa, San Diego or Jackson Hole. From west coast to the east, Hawaii to Rhode Island, we're happy to start commercial mortgages with anyone who qualifies.
Can I qualify for a loan even if I don’t live in the same state as my investment property?
Absolutely, you can. Some commercial real estate lending institutions will refuse loans on a property outside your home state, but we see no reason to draw an arbitrary line that limits your investment potential. If you want to purchase commercial property in Oklahoma and you live in Missouri, that's fine by us.
Do you finance projects outside the United States?
No. We're sorry, but while we will finance loans for real estate located anywhere in the 50 states of the US, we currently do not have the ability to finance projects outside the country.
Some people suggest applying for a higher loan-to-value (LTV) amount, and using less money down. Is this sensible thinking?
It can be. If you're investing less of your own capital in your commercial real estate purchase, then you have more cash on hand to invest should another opportunity arise, and you also have more money to cover your loan payments should you fall behind. Put simply, applying for a loan with a higher LTV amount allows you to better leverage your money, and increases the percentage return on your investment. That said, if your credit score isn't good, the higher your down payment, the better your chances of securing a loan.
What is the minimum loan amount Onyx Capital Group will handle?
We handle any loan from $250,000 up to $100 million.
What sort of loans does Onyx normally handle?
Onyx typically engages in transactions involving commercial mortgage loans ranging from $200,000 to $50,000,000 for multi-family, co-op, churches, office, retail, industrial, hotel, mixed-use and self-storage properties. We offer all of the major loan types, including fixed rate, floating rate, mezzanine, bridge and construction. Whatever type of commercial real estate loans you need, Onyx can take care of it.
Do you really pay me to apply for a commercial real estate loan through your company?
Absolutely we do! We decided long ago that it was ridiculous for us to pay a middle man to convince you to use our service, when we could simply send that money directly to you to help with your loan payments.
So that’s what we do; if you apply for a commercial real estate loan through us, <we apply $25 of our own money directly against your closing costs – something that no other lending broker does! And even more than that, if you have a credit score of 640 or more, and a down deposit of 20% or more, and you’re refused a loan – we’ll pay you ANOTHER $25, just for using our service.
Clearly, doing business with Onyx Capital Group is a win/win situation.
THE LOAN PROCESS:
What is the actual process of receiving a commercial real estate mortgage through Onyx Capital Group?
The process may look daunting, but it really isn't.
1. Talk to us about your needs. Our prequalification experts are more than happy to talk to you and ensure that your loan application is in the best possible shape.
2. Apply online, or sign our faxed fee agreement. We will talk to you ahead of time about the relevant fees due upon closing, and the agreement will contain a list of all of the lenders for which we will be your exclusive agent to find financing for this particular commercial property.
3. Gather all the information you can about your project - and just to be sure you don't miss anything, we'll send you out a loan package checklist, so the process is simple.
4. Your Onyx Capital Group Commercial Mortgage Specialist will create a loan request package for you.
5. Onyx will then identify potential lenders for your commercial real estate project and invite them to quote for your business.
6. Your Onyx Capital Group agent will then follow up with each of the lenders to encourage them to respond to the project request, and we'll keep you on board with everything that goes on during that process.
7. We close the loan; Onyx Capital Group's loan closing team will work with you through the closing process, and we will submit a request for payment directly to your closing/escrow personnel.
Will Onyx Capital Group hit me with a lot of fees through the process?
Many commercial real estate lending institutions will hit you with hidden charges and "mystery" fees, such as legal costs, document preparation fees, fax charges, mailing expenses, admin fees, and application charges), but we prefer to do business in a straight, unsurprising, totally honest manner. With Onyx Capital Group, we collect a single flat fee at closing to cover loan expenses, and nothing else. In fact, as you might have read elsewhere on the site... <we pay you to apply!
We do collect an appraisal fee, but that is paid to the appraiser that handles your project, and we actually shop around to get you the best appraisal deal.
When I fill out the Onyx Capital Group application, am I obligated to go through with the loan?
Not at all. The application supplies us with the pertinent information about your project and your loan needs, so we may better help you secure the lending capital you need. When we contact you after the application has been dealt with, we will then start discussing your options, and only when we link you with a lender who is ready and willing to take on your mortgage do you actually have to worry about committing to anything.
How does the appraisal process of my commercial real estate project work?
This is the one area that many borrowers have the most anxiety about, but the process couldn't be simpler.
1. After we get your signed conditional pre-approval letter and the estimated appraisal fee, we shop your property to our network of appraisers across the United States, before settling on an appraiser that will give you favorable pricing and turnaround times, with a guarantee to quality.
2. The appraisal generally takes between 14 days and a month to complete, depending on the details of the property and location.
3. Approximately one week after the appraisal is complete, we usually close the loan. Done!
Will Onyx Capital Group accept an existing appraisal?
That really depends. If the appraisal was completed within the last six months, we're more than happy to take a look at it and consider using it, to keep borrower costs to a minimum. If the appraisal is of good quality, we'll generally investigate and, if everything is in order, accept it as current.
CLOSING THE LOAN:
Who is responsible for organizing the closing?
Onyx Capital Group will handle all the details.
How long does it take to close an Onyx Capital Group commercial real estate loan?
Usually around 45 days, however if you have an urgent needs to close quicker than that, please let us know and we will do everything possible to ensure we can satisfy your needs.
Who orders the title policy on my commercial real estate mortgage?
Put simply, Onyx Capital Group does, because it enables us to manage your loan more efficiently and keep the process moving quickly. We have strong relationships with title companies across the country that fully understand the endorsements required and are responsive to all of your needs.
What if the title is already in process when I get financing from Onyx Capital Group?
No problem. We will work with you to help ensure the process is problem-free.
I have a title company that I like working with - is that acceptable?
If there is a title company you like dealing with, we can schedule your closing with them without hesitation, however we do prefer to use title companies with which we currently have working relationships, just to ensure a smooth process.
Does Onyx Capital group escrow for taxes and insurance?
Not for insurance, but we do escrow for taxes. You are generally required to provide proof of insurance before your loan funds are delivered
AFTER THE LOAN:
What is the time frame on how long I have to own a property before I can apply for a refinance with cash-out?
Unfortunately, different loans have different requirements, so if you plan to do this, we suggest discussing it with your Onyx Capital Group advisor so we can help you find the best loan possible to enable you to refinance at your leisure.
Do you have an affiliate program?
Absolutely, and you can learn more about it on our affiliates page.
I have a question that isn't answered here!
Okay! Just call to talk to an Onyx Capital Group representative, toll free, at 1-800-657-5157. We’re more than happy to answer any questions you might have; there's no sales pitch and no obligation to apply.
Whether you’re looking to purchase land in California, Arizona, Oregon or Alaska, whether you’re looking to buy an office building in Las Vegas or a cattle ranch in Texas, whether you want to invest, develop, refinance or build, isn’t it time you took that first big step and secured a low-interest commercial real estate loan from a lender you can trust?
Call an Onyx representative for more information, toll-free at 1-800-657-5157, between the hours of 7am-5pm EST or
Remember, with Onyx Capital Group, your business is our business.
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