The
websites known as C-Loans.com, 1st AAA Commercial Mortgage
Lender Databank, and Commercial Mortgage Central are
published by C-Loans, Inc.
These
websites are not mortgage companies, nor are they mortgage
brokers. These websites are instead software programs
that are rented to commercial mortgage lenders for
a fee (application service provider). C-Loans, Inc.
is typically paid a fee of 0.375% to 0.5% by its participating
lenders.
When
you submit a loan through one of these websites, you
will be dealing directly with the lender. Except for
the occasional technical issue, no one from C-Loans,
Inc. will assist you in placing your loan. C-Loans,
Inc. is not a mortgage broker, nor are we your agent.
While
C-Loans, Inc. generally does not allow brokers to be
listed as lenders, occasionally a company will be listed
as a lender that is in fact a broker. Therefore, be
careful. If you should find a broker masquerading as
a lender, would you kindly notify us immediately? We
will delete them.
We
believe that each of the lenders listed is legitimate,
reputable, and ethical; however, C-Loans, Inc. makes
no warranty to this effect. Should you have a bad experience
with one of these lenders, please notify us immediately.
It
is customary for commercial mortgage lenders to require
some sort of application fee to cover the cost of the
third party reports. This application fee also is legitimately
used by lenders "to get the deal off the street".
Therefore, you should not be alarmed if one of these
lenders asks for an application fee. On the other hand,
however, you should obtain a written agreement with
the lender detailing under which circumstances you
will be entitled to a refund of your fee. C-Loans,
Inc. is not responsible for disputes between borrowers
and lenders regarding application fees and third party
reports.
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to the Loan Application