Answers to our most asked questions.
1How long does the loan process take?
The average turnaround from initial contact to funding is anywhere from 4 – 6 weeks. Appraisals take up the majority of that time but there are steps we can take to expedite the process.
2What is required for you to consider my loan request?
A copy of the property’s most recent appraisal (if available), most current month-end financials (P&L and balance sheet) of the business, past two year-end financial statements (P&L and balance sheet), legal entity name and detailed ownership of the entity.
3What if I don’t have an appraisal?
Not a problem, in most cases we can order a new one from a nationally recognized firm.
4What is considered owner-occupied?
Our definition of “owner-occupied” is different than most. Owner-occupied to us can be as little as 25% occupancy by the owner provided that occupancy is significant to the owner's business.
5What if my bank has already turned me down for a loan?
In most cases we can help. Banks use different underwriting criteria than we do. They are often concerned about various financial metrics like debt service coverage and historical profitability. That is less important to us. Our loans our collateral driven which allows us to loan money in the most challenging situations.
6Are you a “hard money lender?”
No, we are not. Not only are we much less expensive than hard money lenders, we are not interested in owning your property. We are in the lending business, not the property ownership/management business. If we are concerned that we might own your property someday, we will not make you the loan.
7Do you finance properties with environmental concerns?
Yes, unlike most, we have and will finance contaminated properties.
8I have a lien on my accounts receivable and inventory, does that prevent me from obtaining a loan with Briar?
No, our focus is on your real estate and not your working capital assets. Having financed working capital assets, we know what traditional asset-based lenders need and partner well with them to provide you a customized financing solution for your business.
9Do you provide “cash-out refinance?”
Yes, that is most of what we do.
10There are liens on my assets from the IRS or taxing authority, will that influence my loan approval with Briar?
IRS or taxing authority liens do not prevent you from obtaining a loan with us. As part of the closing process, we will work with them to satisfy the outstanding liens to ensure our loan is secured by a first lien on your property.
11Can I still obtain other loans from other lenders?
Absolutely, we work well with others. In fact, we are often brought in by other lenders to provide a loan on the company’s real estate while they finance the other asset classes like accounts receivable, inventory, and equipment.
12What are your debt service requirements?
We don’t have them. Our loans are collateral driven, not cash flow driven.
13What can the loan proceeds be used for?
The loan proceeds can be used for the working capital needs of your business. Use them to make payroll, alleviate vendor pressure, buy inventory/equipment, payoff high interest debt, buy a competitor, etc.
14Will you consider financing real estate anywhere in the United States?
Yes, we will consider real estate nationwide.