Commercial Financing FAQ
We do not provide Islamic financing in Maryland or Louisiana.
We have provided financing in California, Illinois, Indiana, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Texas, and Virginia. While we have not been asked to provide Islamic financing in any other state, we know of no reason why we would be unable to do so.
Closing costs depend upon the state and the complexity of the transaction. Within the closing costs there are three kinds of fees, those charged by UIF (1% of the amount financed with a $2,500 minimum), third party fees (amounts charged by other parties) and escrows.
Typical Third Party Fees Include:
- Attorney: $5,000 – $10,000
- Commercial Appraisals: $1,500 – $3,500
- Commercial Survey: $1,500 – $3,500
- Credit Reports (each): $20
- Michigan LLC Formation: $50 – $150
From each board member we require the documents below:
- Current drivers license or passport
Social security number
Position in organization
Resume or brief professional biography
List of all non-profit organizations in which you are a board member or officer
From the community organization:
- Three end of year financial statements including income sheet and balance statement
- Three 990 federal tax return, if filed
- Name and address and amount of contributions for all donors who exceeded $3,000 annually
- 501(c)3 Organization
- 40% equity either in real estate or cash
- Two years of financials including balance sheet and income and expense statement
- Minimum of three qualified personal guarantors