For borrowers seeking a small-balance commercial mortgage, getting to know a lender is a crucial part of the process. It’s important to establish a sense of trust and an open line of communication so that any issues can be resolved fast and the deal can close quickly. Non-bankable borrowers in particular are likely to have plenty of questions when looking for the right alternative lender. So, let’s answer some of the most common questions we get from commercial property owners so that you can get to know APEX and what we do a little better.

Who is APEX?

APEX is a subsidiary of Firstrust Bank, a Philadelphia institution with over $2.2 billion in assets. Because we’re a subsidiary of a privately-owned bank, we’re a direct lender and we have access to virtually unlimited capital and we’re able to meet the needs of commercial property owners like you who can’t obtain a bank loan.

We offer fixed-rate, fully-amortizing mortgages, which means your rate won’t change over time and you can expect consistent monthly payments. We do offer adjustable-rate mortgages to borrowers looking for more flexibility. We also portfolio all of our mortgages, which means we’ll never sell your loan to another company. As long as you have a mortgage with APEX, you’ll be working with our team.

Does APEX lend in my state?

APEX lends in 42 states. We don’t lend in Alabama, Alaska, Hawaii, Michigan, Nevada, North Dakota, Vermont, or West Virginia.

I was turned down by the bank; can APEX help me?

Yes! All we do are loans to commercial property owners who aren’t eligible for bank financing. We’ve been in business for over 25 years, and we understand the unique needs of small business owners and commercial property investors. And because we’re a direct lender, we don’t need to rely on investors to understand the challenges that our borrowers face.

APEX takes a common sense approach to evaluating each submission we receive. That is, we review all the relevant information about you and your commercial mortgage request to determine if we can offer you a financial solution rather than viewing you as simply a credit score. We are helping commercial property owners who have been turned down by their bank every day.

What do I need to submit for APEX to review my commercial mortgage request?

In order for APEX to evaluate your request quickly and thoroughly, we’ll need you to send us a completed application, a credit report or authorization to pull credit, a summary of the deal including how you plan to use the money, and recent photos of the property. If it’s an investment property, we’ll need a rent roll and an income and expense report. If it’s a purchase, we’ll need the agreement of sale.

What can I expect if my request is approved?

Once your commercial mortgage request is approved, you’ll receive a term sheet outlining the proposed terms of your mortgage with us. A good faith fee of $500 will be collected, and then one of our underwriters will reach out to introduce themselves and let you know what to expect.

When the underwriting review is complete, you’ll receive a  Conditional Pre-Approval listing key conditions for the loan. At this time, your appraisal fee will be collected and processed. Then, the underwriter will conduct an interview with you to verify all of your information and review the final terms of the mortgage. The property inspection will be scheduled and title will be ordered (If title is coming from another source, please let us know as soon as possible.)

After your request receives final approval, a formal commitment letter will be issued and your file will move to our processing department, and they will prepare you for closing. Our team will work with you all the way through closing.

How long will it take for my commercial mortgage with APEX to close?

You will know within 24-48 hours of your request whether we can help. Generally, closings with APEX occur within 2-3 weeks from the time you receive your commitment letter.

Obtaining a mortgage is a big step for any commercial property owner, so it’s important to get to know any lenders you might want to work with. Make sure you take the time to learn how long they’ve been in business, whether or not they’re a direct lender, some of the basics about what they offer and their submission process. If you’re looking to obtain a small-balance commercial mortgage and have more questions, please give us a call at (800) 262-APEX to learn about how we can help you achieve your goals.

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