FREQUENTLY ASKED QUESTIONS
Q: IS B&I A BANK?
No, we are a consultancy that provides services to banks, credit unions and borrowers. We are connected directly to lenders through a service they subscribe to. Certain lenders form conduit relationships with us to find certain types of loan. These relationships create an immediate and direct path to funding for some loan requests.
Q: WHAT DOES B&I’S SERVICE COST?
After a a thorough pre-qualification of your loan to determine lender interest, we estimate a loan packaging fee which starts at $1,500 for simple situations.
Q: WHAT HAPPENS AFTER I SIGN UP?
You will receive a welcome email and be contacted by a B&I professional. We forward our Smart Forms for requesting and packaging your loan. A B&I professional begins your lender identification as your loan package completes.
Q: HOW LONG DOES IT TAKE TO COMPLETE B&I FORMS AND MY LOAN PACKAGE?
It should take about 60-90 minutes if all your financial information is organized and already in pdf format. If you have to gather and scan information to upload it will take longer. The B&I packaging process is exponentially faster than a typical bank loan package process that takes three days to three weeks. And you only have to do it once versus presenting it yourself to several banks.
Q: SHOULD I USE B&I OR GO TO MY BANK FIRST?
That’s up to you. Putting B&I banking professionals on your team to help your loan request be well received the first time, and our loan packaging makes the lenders job about 10 times easier and faster, it is probably a good idea to sign up first.
Q: WHAT IS THE BEST GOVERNMENT GUARANTEED LOAN FOR ME?
The primary loan programs are SBA 7a, 504 and the USDA B&I. Upon evaluation some loan requests only fit into one category, some fit more than one. Some loan programs are more flexible to qualify for than others. Sometimes we have used a combination of two loan programs to meet a customers needs. We analyze the best path to funding, confirm it with you, and proceed with your concurrence.
Q: ARE THERE OTHER FEES I HAVE TO PAY?
Our sign up agreement covers B&I’s cost. Yes, there are other fees you have to pay when the lender invites your loan into submission. They usually require a deposit, made out directly to the bank, to cover the cost of an appraisal, environmental and loan processing. Typically, they cannot spend your deposit before your loan is approved unless you authorize it in writing. You will be communicating directly with the lender prior to mailing them a deposit to make your own arrangements. Beyond that each loan program has fees that that outlined on government web sites and are included in the loan amount. If you have signed an agreement with a loan broker that fee can typically be included in the loan. You are responsible for any and all third parties that provide you services such as CPA’s, attorneys, etc. At closing there are title and escrow and miscellaneous fees which are all listed on a settlement statement and included in the loan amount.
Q: DOES B&I RUN MY CREDIT?
No. We recommend you run your own credit on a service to supply us with your credit score and details of any negative events such as late pays, past dues, collections, etc.
Q: WHO IS RESPONSIBLE FOR THE ACCURACY OF MY LOAN PACKAGE?
You are. The bank will have you sign certifications for each document stating they are true and correct. We take no responsibility for the accuracy of your information. However, if we notice anything amiss, we will alert you to correct it.
Q: DOES B&I GUARANTEE I’LL GET A LOAN?
No, all borrowers are different. If we feel your request has a very low chance of funding we’ll inform you, ask you if you’d like a refund or to proceed.
Q: WHAT IF I DON’T QUALIFY FOR A LOAN?
Our sign up process asks you to confirm that you are in good standing on a number of issues that usually disqualify borrowers before proceeding. If you proceed and do not qualify your loan will have been professionally packaged, you will get feedback on what is keeping lenders from making the loan, so you can correct those items upon which we’d re-enter the loan packaging process.
Q: IF I REENTER THE PROCESS IS THERE A NEW FEE?
Yes, a reduced reentry fee will be charged because your loan package needs to be updated and your request tailored to overcome the issues which had restrained it before.
Q: HOW LONG DOES THE PROCESS TAKE?
The B&I process can take a few days to a few weeks. The bank approval process can be as fast as 45 days or as long as 90 days. Our service saves you 2-3 weeks in loan packaging, and weeks to months
by having your loan structured and packaged correctly so it will be well received by lenders.
Q: WHAT DO I NEED TO HAVE READY TO SPEED THE PROCESS?
Your financial information should be scanned into PDF format files and be ready to uploaded into your loan package. All banks require current year to date financial statements less than 60 days old. You will need the loan details (amount, interest rate, maturity, etc.) for any debt your new loan will payoff. Banks typically require current year end plus two years projections. USDA loans require a business plan, most SBA loans do not; but it is suggested.
Q: IS MY INFORMATION SAFE? WHAT HAPPENS TO IT?