Borrowers Fees

Processing Fees

• Aproximately 2.16% of the SomerCor loan plus $3,000 for closing costs, financed into the loan.
• Amortized for 10 or 20 years, depending upon asset purchased.

Annual Servicing Fee

• Currently 0.625% of outstanding balance calculated into monthly amortization payment

Application Fee/Deposit

• SomerCor will collect a “Partial Payment of the CDC Processing Fee” equal to 1% of the Net Debenture Amount within 10 days of SBA Authorization. This partial payment will be returned to the borrower at the time of SBA funding minus a $1000 SomerCor Application Fee.

Bank Fees

First Mortgage Lender Fee

• 0.5% of the First Mortgage Loan. This fee is paid out of pocket by the borrower at closing.

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