Borrowers Fees
Processing Fees
- Aproximately 0.66% of the SomerCor loan plus $2,500 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
- $1,000 application fee prior to submission of package to SBA.
Bank Fees
First Mortgage Lender Fee
- Currently waived as part of the American Recovery and Reinvestment Act.
