Silver Hill's CLEAR makes commercial lending as easy as residentialMortgagePress.comCommercial mortgage lenders
Silver Hill Financial LLC, a national lender specializing in
small-balance commercial real estate loans, introduced
CLEAR—Commercial Lending Easy As Residential—a bold
innovation in commercial lending available exclusively through
Silver Hill. CLEAR is a residential-style approach for commercial
mortgages from $100,000 to $1 million, designed to make commercial
lending easier, faster and streamlined for mortgage brokers and
loan officers. In addition, CLEAR gives residential brokers a
stress-free way to diversify and grow their business while earning
attractive commissions.
"The time has come to offer commercial mortgages that are
actually simple to originate," said Joanna Schwartz, managing
director of Silver Hill Financial. "We are excited about CLEAR
because it encapsulates our program, which is completely different
from what other commercial lenders offer and it gives residential
brokers a stress-free transition into commercial business. The
result is a win-win: brokers and loan officers can easily diversify
and grow their business, and borrowers with strong credit are able
to finance commercial properties—many that would not pass
traditional commercial guidelines—in a way that is familiar
to them."
Silver Hill pioneered the application of the residential
debt-to-income (DTI) underwriting approach to commercial loans in
2003. Schwartz said, "CLEAR represents Silver Hill's comprehensive
approach to lending—it's about delivering a strong product,
process and training; improving accessibility to residential
brokers; and making it easier for them to cross over into the
commercial market."
With the refi boom all but over, competition for residential
loans has increased, making commercial a smart space in which
brokers and loan officers can diversify their income stream. Silver
Hill's CLEAR advantage provides a hassle-free transition into the
small-balance commercial niche, allowing brokers and loan officers
to quickly begin closing deals. By design, CLEAR has fewer
restrictions than traditional commercial lending processes,
providing more profitability—there are no committees and less
waiting, resulting in quicker decisions and faster closings.
Recognizing that strong borrowers deserve favorable loans and
that many brokers and loan officers are more comfortable with the
residential mortgage process than they are with commercial
mortgages, Silver Hill designed CLEAR to mirror residential loan
programs. The CLEAR commercial underwriting process concentrates on
credit score and personal financial strength, rather than property
cash flow. This common sense approach focuses on establishing the
borrower's ability to repay the loan by drawing upon all income
sources, not just the property. In addition, there are no minimum
property debt service coverage requirements. As a result, brokers
are able to finance properties that may not pass traditional
commercial underwriting guidelines. With CLEAR, the entire
commercial lending process is streamlined, so loans can be funded
quickly. Typically, written pre-approvals are provided within 48-72
hours of receiving a completed loan application and deals can be
closed in just 30-45 days. Loan applications can be completed
online, using a simple three-step process, when brokers register at
Silver Hill's Web site, www.silverhillfinancial.com.
Silver Hill's CLEAR offers numerous benefits, including points,
fees and incentives. For example, brokers and loan officers can
earn up to four points, plus fees on each deal and may charge
additional fees to borrowers at their discretion. In addition, the
lender's Silver Star Rewards Program offers rewards points directly
to brokers for closed loans. These rewards points are redeemable
for special prizes available in an online catalog.
For more information, visit www.silverhillfinancial.com.
