Consumer Loans and Business Loans

The loans we offer are divided into two basic groups -- Consumer Loans and Business Loans.

Consumer Loans

Consumer Loans are loans where the money will be used for personal or family use. Bill consolidations, home improvements, home purchases, education expenses, estate settlements and vehicle purchases are all examples of Consumer Loans.

The requirements for a Consumer Loan are determined by the type of real estate being used as the collateral.

• Primary Residence, Vacation Home or Rental Property
• Strong Equity in the Property
• Proof of Ability to Repay
• Vacant Land or Commercial Building
• Strong Equity in the Property
• Proof of Income Not Required

Generally, we require a first lien against the property being used as the security for the loan. If you already have a mortgage or equity loan against the property, we can pay it off and roll it over into the new loan. If the equity in your property is very strong, we will sometimes consider a 2nd lien.

The loan process includes taking an application by telephone, doing a title search, and making an inspection of your property. Sometimes, title insurance will be required, other times not, depending on your situation. At present, there is no charge for the property inspection, which is conducted by a member of Fairway's staff.

If Proof of Ability to Repay is required for your loan, you will be asked to provide us with your Proof of Income and a Personal Financial Statement showing all of your outstanding debts and the assets you wish us to consider when evaluating your loan application.

Proof of Income most often means your 2 most recent pay stubs and your previous year W2. For the self-employed, your 3 most recent years of tax returns are generally required. Every situation is different. How best to prove your income is something you will discuss with your loan originator.

Your Personal Financial Statement is a statement, signed by you, listing all your debts, including all mortgages, personal loans, car loans, credit cards, students loans, alimony payments and child support payments you make each month. For each item listed, you are required to provide us with the most recent statement evidencing the debt. We do not pull your credit report. You are responsible for providing us with the list of your debts. It must be noted that it is a federal felony offense, punishable by up to 30 years in prison and a $1,000,000.00 fine to fraudulently misrepresent your debts.

Business Purpose Loans

If you are borrowing money for a verifiable business purpose, then the only requirement is that you have sufficient equity in a property to adequately secure the loan.

The property can be a primary residence, a second home, a rental property, vacant land or a commercial property. As long as the money will be used for a verifiable business purpose, you do not need to prove your income.

Purchasing or making repairs to a rental property, buying business equipment, paying business debts, and loans to increase working capital are all examples of business purpose loans.

If you are interested in a consumer loan or a business loan, please call our office and speak with a loan originator today!