PetroMAC a direct lender?
PetroMAC is not a
direct lender, we are a mortgage broker and has originated hundreds of millions of dollars of loans doing auto
repair shop, gas stations, convenience store and car wash loans.
PetroMAC pull our credit?
will not pull credit. The ultimate lender normally will pull your credit. As a suggestion, you can use
something like Free Credit Report to find out your credit score without it actually pulling your score
many sources does PetroMAC submit to?
Years ago we would
have only submitted to 1-2 sources, but because of the current credit environment, we will submit to multiple
PetroMAC charge up front or application fees?
NO, PetroMAC does
not charge up front or application fees for auto repair shop, auto body shop or auto lube center
does PetroMAC find its sources?
We do "recent
sales" searches through any number of sources, UCC lien filings, Freedom Of Information requests (FOIA) to find the
most recent transactions done and the bank or the lender that did them.
PetroMAC charge in addition to origination that the lender will charge?
If the loan is
being done as an SBA loan, normally not. If it is done as a 504 loan, normally no more than a half point, if
any, will be charged. On conventional loans, where there normally is no referral fee, we normally will charge
no more than a point except in those cases when the loans might be very small.