Loan Processing Fee Sample Clauses
The Loan Processing Fee clause defines the requirement for the borrower to pay a specific fee to the lender or financial institution for handling and processing the loan application. This fee typically covers administrative costs such as reviewing documents, verifying information, and preparing the necessary paperwork for loan approval. By establishing the obligation to pay this fee, the clause ensures that the lender is compensated for the resources expended during the loan origination process and clarifies the borrower's financial responsibilities upfront.
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Loan Processing Fee. In accordance with SBA regulations, CDC will charge a processing fee equal to 1.5% of the net proceeds of the SBA 504 loan proceeds. Applicant agrees to pay, as a deposit, a portion of the Loan Processing Fee at the time applicant signs this agreement and a 504 Loan Application File is opened. The deposit is based on the following schedule: CDC/SBA Loan Amount: $50,000 – 250,000 $250,000 + Deposit Amount: 1% ($500 – 2,500) $2,500 If CDC or SBA declines the application, the deposit will be refunded in full within 10 business days after the decline, including any period for reconsideration. If Applicant chooses to terminate this agreement, for any reason, CDC shall deduct the reasonable and necessary costs incurred in the application and/or approval process. After deducting all hard costs incurred by the CDC, any remaining deposit balance will be refunded to the applicant within 10 business days, according to the following schedule: Pre-loan analysis, initial credit review and determination of eligibility 75% of deposit refunded Review and preparation of checklists for documentation needed to complete Application 50% of deposit refunded Completion of credit underwriting and preparation of credit memo 25% of deposit refunded Presentation of loan to Utah CDC Loan Committee 0% of deposit refunded If the Final 504 Loan Package is approved and Applicant obtains 504 Loan financing, the total 504 Loan Processing Fee will be financed with the 504 Loan Proceeds, and the deposit paid by Applicant will be refunded to Applicant upon 504 Loan funding.
Loan Processing Fee. The Loan Processing Fee shall be a one-time charge assessed by the CDC, payable to CDC from the proceeds of the Debenture, of no more than 1.5 percent of the face amount of the Debenture, which shall be used to cover the following allowable costs: general administration and overhead expenses, contractual expenses (i.e., staff services) and expenses related to the preparation of the application. The CDC shall provide an itemized justification for the fee assessed and the fee shall be subject to review and approval by SBA.
Loan Processing Fee. A non-refundable Loan Processing Fee in the amount of $25,000 shall be due at the time of execution of this Term Sheet.
Loan Processing Fee. The amount of the loan processing fee is 1.5% of the loan amount and is charged to the borrower(s) at loan closing.
Loan Processing Fee. On the Closing Date, Borrower shall pay to Lender in immediately available funds a loan processing fee in the amount of $500.00.