Commercial Real Estate Refinance Loan

• Auto repair/auto body/car wash
• Convenience store
• Dental or medical facility
• Funeral home/crematorium/mortuary
• Gas station (up to 10 years old)
• Health club/gym
• Ice or roller skating rink
• Movie theater
• Parking garage
• Refrigerated warehouse
• Restaurant
• School (non-public, daycare, or preschool)
• Self-storage facility
• Skilled nursing or assisted living facility

• Small business owners and real estate investors seeking to refinance a mortgage on their commercial property for a lower rate, longer term, or to address a maturing or private party loan.
• Small business owners and real estate investors seeking cash-out for business purposes in conjunction to their refinance.  

Information about each individual applicant or business owner and the business entity (if any), such as contact information, tax payer identification or social security number(s), business information (start date and type), and real estate specific information (property type, usage) will be needed at the time of application.

If the property is owned by individuals, all owners must be represented on the application. For property owned by a business entity, all owners who have 25% or more ownership must apply, and a minimum of 51% of the business ownership must be represented on the application. At the time of application, applicants will be provided a checklist of required documentation for each individual and the business.

After you complete the application and submit the required financial documents, an underwriter will provide a lending decision. If your application is conditionally approved (approved, pending outstanding items such as appraisal, insurance validation, etc.), a Wells Fargo Commercial Real Estate Consultant will contact you to discuss financing options and help guide you through the loan process. If your application is not approved, you will be sent a letter within 10 to 15 business days with an explanation.

As a part of the application process, we will verify that you have standard property insurance. If certain environmental hazards are present or if the property is located in a flood zone, environmental or flood insurance may be required to obtain credit.

Your interest rate will be determined as a part of our approval process and will be based on several factors, including your personal credit history, the loan amount, term selected, property type, and lien position.

Interest rates on loans can be either fixed or Prime-based. Once all required financial documents are completed and received, your rate locks for 90 days.

In general, most Wells Fargo loans use the Wells Fargo Prime Rate as a base rate. The Wells Fargo Prime Rate is similar to (but not always the same as) the prime rate quoted in the Markets section of The Wall Street Journal website.

Upon a conditional approval, a deposit is required when you accept the offer and select the term for your loan.

• Up to $250,000 requires a $500 deposit
• Over $250,000 requires a $1,000 deposit

If the loan transaction closes, the deposit will be credited toward any applicable fees, and any unused portion will be refunded upon booking. The deposit will not be refunded if the loan transaction does not close.

• Prime-based adjustable interest rate loans have an early closure fee of $3,000 when closed within the first 3 years; zero fee thereafter.
• Fixed interest rate loans have a pre-payment fee of 3% of principal amount prepaid in years 1 through 3; zero percent thereafter.