FAQ'S

Is there an up-front commission for your service?

NO, there is never any up-front commission. Our initial consultation is ALWAYS free and for many of our services there is no fee until after closing. In some cases we are paid by the lender only and never receive a fee from our clients. There is a small processing fee to cover direct costs incurred.

I’m not good with all that paperwork, will Diamond Financial help?

Absolutely, we prepare all loan packages presented through our company and pride ourselves on accuracy and thoroughness. You just provide the documentation we require and we do the rest.

How long before funding takes place?

Depending on which service you require and the essence of the project, time varies from just 5 days to up to 4 months and more. The average business loan presentation is 45 days with an initial approval within 10 days of submission.

What type of lenders do you use?

Diamond Financial Services has established relationships with the largest and most aggressive lenders in the country. Our databanks provide specific lenders for specific business types.

Is there a guarantee of funding?

No, approval is entirely a lenders decision. We can provide basic funding strategies and know-how to increase your percentages.

Must we have 3 years of credit history?

No, this is where Diamond Financial differs from most banks. Our lenders consider projections along with the management skills and future growth potential.

Can Diamond Financial Services secure personal funding?

No, we only work with businesses and companies. We do have a list of lenders that can assist you in personal credit lines but we offer them as referrals only.

What would the interest rate be?

The interest rate (regulated by SBA law) cannot exceed 2.75% over prime. This is the highest allowable and depending on individual request the rate may be lower.

Is there any pre-payment penalty?

Not on any loans with up to 15 year terms. From 15 to 25 year terms the penalty is 5% the first year, 3% the second year, and 1% the third year. After year 4 there is no pre-payment penalty.

WHY DO LOANS GET DECLINED?

Loans are initially declined for many reasons. They usually stem from the borrowers inexperience and lack of knowledge of the loan process and criteria. If they have limited experience in applying for a business loan, you may experience the following:

  • UNCERTAINTY OF LOAN REQUIREMENTS – Do they really understand the bank or financial institution requirements to successfully get the loan approved?

  • POORLY PACKAGED LOANS – Do they have the knowledge and ability to professionally present a loan package worthy of full consideration?

  • INABILITY TO TALK TO LOAN OFFICERS – Do they understand the guidelines and concerns that underwriters have in evaluating the merits of their loan application. Do they know the people they are talking to?

  • WRONG SOURCE – Banks are always willing to look at your application, but will they approve it? Can they possibly know or understand their written and unwritten priorities and ever-changing policies or guidelines?

PARTNER WITH DIAMOND FINANCIAL AND RECRUIT THE EXPERTISE YOU NEED!

We are specialists in SBA financing. Under the current economy and based on the favorable terms offered, SBA is clearly the best option to obtain business financing. We are not the direct lender but we work with some of the leading financial institutions. We know which offices aggressively are dedicated to committing to SBA loans. Unlike many in the industry, we do not charge any upfront commissions for our expertise and work on your application. We will help you:

Professionally package the loan application: Whether it is to prepare the application, request sufficient documentation, preparing sales projections or the write-up of convincing summaries, Diamond will assist the buyer in presenting a package lenders will take seriously.

Structure: Business and loan structure, partner relationships, and ability to emphasize strengths over weaknesses are just some of the issues. Diamond Financial works with the buyer to structure the loan in a palatable and positive way so the loan application has the best chance for approval.

Develop and Analyze Business Projections: Revenue and sales projections need to be prepared in a convincing and realistic way to achieve success. These loans are cash flow driven meaning there needs to be sufficient expected revenue over expense ratios so loan obligations can be met.

Effectively Communicate the Merits of the Loan Application: We talk directly to the underwriters not the loan processors. We know what is important to our lenders and we keep the loan moving in order to speed up the loan process. We know what concerns our lenders and our experience in working out issues or obstacles can be invaluable to your buyer! Our daily experience in working with loan officers helps them in many ways. We have easy access, solid on-going communications, professional credentials and a mutual confidence level with lenders that produces results and commitments. We know what our lenders are looking for and expect!

Selecting The Right Lender: There are many written and unwritten guidelines that really determine the lenders sincere interest in your application. By working with our lenders on a day-to-day basis, we know if there are changing guidelines or criteria that may help or hurt your chances. Our pool of leading nationwide lenders gives us many financing alternatives. Our creative solutions to structure and financing and our knowledge where to place applications is why we will get the best and quickest results!.