Loan Products
This product is tailored to fund real estate that the borrower occupies at least 51% of.
What is an owner-occupied commercial real estate loan?
This ratio measures a borrower’s ability to cover debt obligations globally.
What is the global debt service coverage ratio (DSCR)?
This type of report must match submitted returns or the loan is declined
What are IRS tax transcripts?
These types of loans require legal closing by an attorney approved by ACE.
What are real estate loans?
Real estate loans over this dollar amount may require a survey.
What is $250,000?
This movie franchise features a character named Luke Skywalker.
This form of loan participation lets ACE purchase part of a loan from another lender.
What is a participation?
This is the minimum required equity injection for most projects.
What is 10%?
Used vehicles are valued based on this resource.
What is the NADA Clean Loan Value?
This software follows underwriting to enable Loan Committee approval.
What is Basecamp?
This annual process is required for loans over $100K to confirm the collateral.
What is a site visit/inspection?
His first featured role was playing the scarecrow in the 1985 film “The Wiz”.
Who is Michael Jackson?
The minimum number of years of operation is three years. The maximum repayment period is 7 years.
What are Religious Institution Loans?
A borrower applying with multiple aliases will face this result.
What is loan declination?
These businesses are ineligible regardless of qualifications, including adult entertainment and cannabis.
What are restricted businesses?
Knows the clients and portfolio that he or she is responsible for, whether originated or assigned, through continuous maintenance of relationships and documentation to ensure ongoing creditworthiness.
What is the Responsibilities of a Loan Officer
Loans that receive material concessions and are still classified must be labeled this.
What is a TDR (Troubled Debt
He has four NBA Championships, play for three different teams and has won at least one championship for each team. He is currently one of the oldest players in the NBA.
Who is Lebron James?
ACE will not lend to this type of speculative property venture
What is speculative real estate?
This condition leads to an applicant as being marked 'suspicious' in Salesforce
What is refusal to sign tax transcript authorization forms? 8821 or 4506-C
The borrower must meet the global debt service coverage ratio in one or both historical years as well as year-to-date.
However, the loan must cash flow-based on financial data from verified tax returns in at least one year.
What are Underwriting Guidelines?
ACE may, at its discretion, pull an extensive identity verification report akin to a background check on any and all borrowers. This report will be used to further verify the identity of the borrower, but to also check for historical issues such as civil judgments, liens, criminal history, foreclosures, bankruptcies, etc.
What are Identity verification reports, ie. credit reports, smart linxs.
Is defined as anyone who accepts payment to assist a borrower with any step in completing the loan process.
What is a Broker?
This board game, where players buy and trade properties, is named after a term for exclusive control over a market.
What is Monopoly?
These program allows ACE to ensure loans under $250,000 are affordable and may include gurantees.
What are credit tools?
Funds cannot be used for personal expenses. If a borrower has a personal loan or credit card that was used to finance business debts and part of the use of funds is to refinance these debts, all efforts must be made to ensure that the account was used for business purposes exclusively or that the requested amount was used exclusively for business purposes.
What are prohibited use of funds?
An investigation to determine if there are any conditions that are indicative of releases of petroleum or hazardous materials or chemicals on the real estate site, now or in the past
What is A Phase I Environmental Audit?
The purpose of either the policy and/or opinion is to ensure that ACE has a proper lien position and to also verify that there are no exceptions noted that would possibly affect a clear lien to the property taken as collateral.
What is a Title Policy?
Will be required on real estate and non-real estate titled property at closing.
What is proof of Insurance?
This U.S. stock market index includes 500 of the largest publicly traded companies and is often used as an economic indicator.
What is the S&P 500? or Standard and Poor's 500.