Frequently Asked Questions
- How do I get started with the loan process?
There are three ways for you to begin the loan process with World Wide Lending
Solutions.
- Complete and submit the Get
Started Now form found on the
website.
- Call us toll-free at 1(888)525-9092; or
- Email us to request more information.
- Does World Wide Lending Solutions offer loans in my state?
Yes. We offer financing for commercial properties in all 50 states and
the District of Columbia, as well as internationally on all 7 continents.
- What is the typical amount of
paperwork needed for a loan?
Our simple approach to lending eliminates many of the cumbersome paperwork
requests common in the industry. We even offer a loan program that eliminates
income and asset verification requirements altogether.
- Why do you need my
credit report?
Your credit score provides us with valuable information to help determine the
best program for you. We hold your information in strict confidence and it is
not shared with unaffiliated third parties. See our Privacy Policy for more
details.
- Why do you need my
Social Security Number?
Your Social Security Number is necessary and used for the sole purpose
of ordering your credit report. The information contained in your
credit report will help us to determine the best loan program for
your lending needs. Be assured, we hold your information in strict
confidence and it is not shared with unaffiliated third parties.
- Can I qualify for a loan even if
I don't live in the state where the subject property is located?
Yes. Unlike most lenders, World Wide Lending Solutions® will provide funding
for a commercial property that is located in a state other than where
the borrower resides.
- Does World Wide Lending Solutions® lend
to self-employed borrowers?
Yes, we do offer loans to self-employed individuals. We have a full
documentation program for borrowers who are willing and able to
document income and a program for those who cannot or choose not to
document income and assets.
- How long must I own a property
before I can apply for a refinance to take cash-out?
We do not have a strict seasoning requirement and are willing to work
with you to find a solution that meets your needs. Please
contact us for more information.
- How long will it take to close
my loan?
Loans usually close within 45 days, however, we will do everything
possible to ensure your loan closes within your time frame.
- What is Parallel Processing and
how does it affect my loan process?
Central to our ability to close your loan within 45 days is World
Wide Lending Solutions's Parallel Processing, where the Appraisal, Title
and Environmental Due Diligence work is performed in tandem, bringing
you to the closing table faster than other lenders.
- Why is it valuable to apply for
a higher loan-to-value (LTV) amount?
Applying for a loan with a higher LTV amount allows you to better
leverage your money. The return on equity you receive from your
investment may be higher when you put less money down. Less money
out-of-pocket means more cash on hand to invest in your business or
property.
- What fees does World Wide Lending
Solutions charge?
World Wide Lending Solutions does not charge any fees until your loan
closes. Other lenders charge as much as $1500 for this "junk
fee" just to look at your application. In some cases the
application fee is non-refundable.
- What are third party fees?
Third party fees are costs incurred through a third party vendor in
an effort to close your loan. Fees can include a Credit Report,
Appraisal Report, Environmental Due Diligence processing and cost
of the mortgage, Title and insurance policy and are the responsibility
of the borrower.
- Who orders the Title Policy?
World Wide Lending Solutions® orders the Title Policy because it enables
us to manage your loan more efficiently and keep the process moving.
We have national relationships with title companies that understand
the endorsements required and are responsive to our customer's
needs.
- What if the Title is already
in process?
We will work with you to help ensure that there are no problems.
- How does the Appraisal process
work?
After we receive your signed Conditional Pre-approval Letter and the
estimated Appraisal fee payment, an appraiser will be selected through
a bid process of a minimum of 3 quotes. With the volume of Appraisal
assignments ordered by World Wide Lending Solutions and its affiliates, we
are able to command favorable pricing and turnaround times. Once your
Appraisal processing fee is paid in full, we will assign the
appraiser. The Appraisal generally takes 2 to 4 weeks to complete.
The loan should close within a week or so thereafter.
- Will World Wide Lending Solutions®
accept an existing Appraisal?
Possibly. If the Appraisal was completed within the last six months, we
encourage you to send it in for review. We try to keep your costs to a
minimum and will typically accept a current Appraisal of good quality.
We will not, however, accept an Appraisal completed after the
Conditional Pre-approval Letter date.
- Who is responsible for organizing
the closing?
World Wide Lending Solutions® handles all the details for your closing. If
there is a title company you prefer to work with, we can schedule
your closing with them, however, we do prefer to use title companies
with which we currently have working relationships.
- Does World Wide Lending Solutions
escrow for taxes and insurance?
World Wide Lending Solutions® escrows for taxes only. You are required to
provide proof of insurance before your loan funds.
- What are the World Wide Lending
Solutions hours of operation?
A Commercial Loan Specialist is available Monday through Friday, 9am -
9pm Eastern Time. However, you can submit the Get Started Now form 24 hours a day, 7 days
a week.
- Why do I need to supply my Social
Security Number?
Your Social Security Number is necessary and used for the sole purpose
of ordering your Credit Report. The information contained in your
Credit Report will help us to determine the best loan program based
on your lending needs. Be assured, we hold your information in strict
confidence and it is not shared with unaffiliated third parties.
- Is World Wide Lending Solutions a
bank.
No. World Wide Lending Solutions is a nationwide direct-to-borrower commercial
mortgage origination company, specializing in loans from $100,000 to
$300 Million. Because we are not a bank, you won't be required to
maintain an account with a minimum balance.
- When will a Commercial Loan
Specialist contact me?
You can expect to be contacted by a Loan Specialist within one business
day after you submit your Get
Started Now form.
- Any other questions?
Call us toll-free at 1(888)525-9092. We're happy to assist and answer
any questions you may have.
For more information about our commercial lending options,
please contact us
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