Lending Process
- • At Richa Mortgage Co. you will benefit by working with an experienced and knowledgeable people.
- • You won’t face any hidden surprises on the closing table
-
• Our associate has the ability to qualify you in
minutes through our loan approval system. Our associate
is empowered to issue “on the spot”
credit decisions for you, with the least amount
of information required in the industry.
What to bring to your loan closing
- • Yourself and your spouse (if married)
- • Your checkbook for any incidental costs
- • Certified check for closing/settlement cost
Commercial Financing
The Richa Mortgage Company also offers Commercial Financing. The owner and associates of the company are dedicated and our services and products are designed to exceed the expectations of our customers by adding ease, convenience, and value to the real estate transaction.
Property Types:
- • Multi Family Properties / Apartment Buildings (5 Residential Units and Up)
- • Mixed Use Loans (Combination of Commercial and Residential Units)
- • Restaurants with or without Liquor License
- • Office Buildings
- • Hotel/Motel /Rooming House
- • Strip Malls
- • Industrial Buildings
- • Churches (Minimum Loan Amount $500,000.)
- • Warehouses
- • Automotive Service Business (Owner Occupied)
- • Construction And Renovation Projects
Financing Types:
- • 3 Year ARM; 5 Year ARM and 10 Year ARM: 15 to 30 Year Term / Amortization*
- • 5 Year and 10 Year Balloon; 25 Year Amortization*
- • 10 Year, 15 Year and 20 Year Fixed Rate* *Subject to borrower / property qualifying SBA LENDING (U.S. Small Business Administration)
Almost any type of solte proprietorship, partnership or corporation is eligible for an SBA loan. While some criteria may vary depending on the type of business, generally speaking, businesses with the following parameters are eligible for the SBA Guaranteed Loan program.
- • Commercial Real Estate Loans to Owners who occupy 51% or more of the Building.
- • Franchise business like Dunkin Donuts, Taco Bell, Pizza Hut, Subway, Quizno’s etc.
- • Retailers And Service Businesses
- • Wholesalers
- • Manufacturers
You may borrow through the SBA program* for virtually any purpose related to starting or purchasing a business or making improvements to an existing one. Loans for speculation or investment are not eligible.
The following loan types are eligible:
- • Real Estate Purchase with business or Refinance
- • Equipment Purchase
- • Inventory
- • Working Capital
- • Leasehold Improvements