At SomerCor, our goal is to make borrowing money as efficient and affordable as possible. Here’s an overview of our low cost and highly competitive financing rates.
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.
