F.A.Q.
Here are some answers to frequently asked questions about getting a loan, and working with Alliance Business Capital.
If you have a question that is not addressed here please feel free to submit your question to us using our Contact Form.
In most cases you can expect to receive a response from an Alliance Representative the very same or next Business Day.
How long will it take for me to get my loan?
- Borrower responsiveness. The more responsive the borrower or broker is at providing us necessary information, the faster we can move
- Third party reports, like appraisals and environmental reports, typically take 30 days to complete. Alliance is not in control of this. We will do everything we can to speed them along
- Once all third party reports are in we obtain a final underwriting approval and then you are normally looking at 2 weeks to close
How much will it cost me to get my loan?
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.
How much cash will I need to get my loan?
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.
Do I need to be a United States Citizen to obtain a SBA loan?
No, you do not need to be a U.S. Citizen, however you must have legal residency status.
Is Alliance a broker, or a direct lender?
Alliance currently acts as either as a Loan Intermediary, Correspondent Lender, a Loan Consultant or a Broker depending on a variety of factors.
Is Alliance a bank? Will I need to have my accounts and deposits with you to get a loan?
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.
How do I start the process? Who do I contact.
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 239.233.8138 to speak with someone directly.
Does Alliance do Business everywhere in the USA?
Yes, we are currently able to assist you, through our Lending Partners, in all 50 States. We can handle SBA 7(a) Loans, SBA 504, USDA B&I Loans, some Conventional Loans, Construction Loans (on a case by case basis) and we may be able to assist with Private or Hard Money Loan also on a case by case basis.
Can I deal directly with Alliance, or do I need to go through a third party Broker?
Yes, we are happy to deal directly with borrowers. More than half of our borrowers deal directly with us.
Do you work with Brokers?
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.
I have had a bankruptcy in my past. Can I still get a loan?
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.
I hear the Fed has changed interest rates, when will my interest rate change?
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.
Why does Alliance charge a Processing Fee?
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.
PDF