What kind of commercial loan programs do you offer?

We provide funding for the purchase and refinance of commercial real estate (including land), business financing including (start-ups and franchises).

Can I buy a business with no money?

There may be a loan option available at the time you apply.  Please inquire giving us full detail of your project on our intake form.  Normally you will need some cash injection to put into the deal.  However, if you have purchased any items for your business, they may qualify to be used as your cash injection contribution.

How much cash do I need to buy a business?

Usually 30% is required meaning the lender will only finance up to 70%. There are some loans that will finance 75%, 80% depending on the property type, loan type and other variables that come into to play to meet the program requirements.  There may be specialty programs where the lender will finance a percentage, you must come in with a percentage and will allow the seller to contribute a percentage. Ultimately, it depends on the loan program.

Is Palm Island Financial LLC a lender?

No.  Palm Island Financial, LLC team with lenders that enabling us to be able to provide a financial solution for your non-conforming property type that banks will not lend on.

How long does it take to close on a commercial loan?

Although we do work with lenders who can close quickly (24 hours to 30 days) each loan and what can happen during processing is unique to each loan. Initially how quickly the process can take, begins with how ready and able you are as a borrower.

Are there upfront fees costs to apply for a loan?

No.  Once all information has been reviewed, a loan decision has been made and the borrower agrees to all terms, fees will then be required to process and close the loan.

What are my closing costs going to be?

Closing costs can vary between loans.  Typical closing costs include but are not limited to, title insurance, environmental insurance, closing attorney fee, lender underwriting fee, courier fee, processing fee, recording fee, in addition to any prepaid interest or escrows.

What is the maximum amount I can borrow?

The maximum amount you can borrow will depend on the strength of your financials, income, property, cash flow of the business and the maximum amount a lender will lend on any particular property type.

Will there be a prepayment penalty with my loan?

While there are loan programs that do not have prepayment penalties, whether there is one or not is determined by the program that is available and that fits your needs.

What states do you lend in?

We lend in all 52 states and US territories.

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