MCB Capital appreciates the opportunity to earn your Business. Below are some of the questions we get the most, however if you have a question that is not addressed here please do not hesitate to Contact Us.
Frequently Asked Questions
Is MCB Capital a direct lender?
MCB Capital is a Commercial Loan Intermediary or Commercial Loan Broker. We do not currently fund our own loans but rely on our Lending Partners to fund loans originated by MCB Capital.
How long will it take me to get a loan through MCB Capital?
We pride ourselves on moving fast and efficiently. It normally takes 45 to 60 days from us receiving back the signed letter of interest to get a loan closed. Your loan time frame may vary depending on several factors.
- Borrower responsiveness. The more responsive the borrower or broker is at providing us necessary information, the faster we can move
- Third party reports, like appraisals and environmental reports, typically take 30 days to complete. MCB Capital is not in control of this. We will do everything we can to speed them along
- Once all third party reports are in and we obtain a final underwriting approval you are normally looking at 2 weeks to close
How much will it cost me to get a loan?
Costs of origination vary depending on the loan type and structure. You will need to get an appraisal, and an environmental report.
There are other costs like attorneys fees, etc. Closing Costs which can usually be rolled into your loan.
Your estimated costs will be outlined in your commitment letter, and can be explained by your MCB Capital Representative.
How much cash will I need to get a loan?
This will depend on the loan type. On Refinances, you may need no cash at all (with the exception of deposits for third party reports and an MCB Capital Processing Fee).
For a purchase, you will need to contribute a portion of the loan amount in cash, and this will usually be between 10% and 25%. Your MCB Capital Representative will help you structure the loan so it best fits your financial situation.
Do I need to be a U.S. Citizen to get a loan?
No, you do not need to be a U.S. Citizen, however you must have legal residency status.
I had a bankruptcy in the past, can I still get a loan?
Yes! We will review your credit history, and work with you to understand the reason you had a bankruptcy.
A bankruptcy does not exclude you from obtaining a loan if you have valid reasons, and if you have taken good care of your credit in recent years.