At termst.com, we have developed a process to ensure that our clients generate lender demand for their loan needs. This proprietary process gives you direct access to the CMBS market to solicit bids based upon the specific details of your property. Our process works as follows:
Phase I: Develop Loan Package and Excel Modeling
Through our website, you will answer a series of questions about your property and your business which should take less than 30 minutes. When complete, you will be required to upload the basic financial information for your property including a rent roll and historical operating statements. Over the next 24 hours, our financial analysts will put the rent roll and detailed financial information into an Excel model exactly the way the CMBS lenders want to see it. We may have some questions for you before finishing our package to make sure the information is complete. Once you get these questions answered, your loan request package will be completed with 24 hours and sent to each of the lenders you select.
Phase II: Lender Review
Once the Lenders receive the package, they will review and complete their analysis. This generally takes 24-72 hours. During this time expect to receive some questions for more details regarding the property and your loan needs. The quicker you can respond to these questions, the faster you will ultimately receive loan proposals from the lenders.
Phase III: Negotiation
Once you start to receive loan proposals, you can review them individually or in our quote matrix. You can sort these quotes based upon the terms most important to you, whether that be maximizing the loan amount, lowest rate, most IO, or lowest reserves. When ready, highlight your favorites and invite them to another round of bidding. You can select up to five of the most important loan terms and direct each of the lenders to focus on improving their quote. We invite you to go through as many rounds of negotiation as you like, although we recommend three rounds in order to generate the best quality quotes.
Phase IV: Request a Loan Application
Once you have picked a lender, they will issue you a full loan application. These applications are negotiable. We recommend that you engage one of our experienced CMBS attorneys to help you review this loan application and walk you through the remainder of the loan closing process. If you have your own real estate attorney, that works as well. Once the application is negotiated, you will be required to put up a deposit directly with the lender and the lender will work with you to get the loan closed. A typical CMBS loan takes 45-90 days to close, but they can be closed in as quickly as 30 days.