Who is Plum?
Plum is a non-bank commercial mortgage provider specializing in loans from $1-25 million nationwide. Plum’s team includes experienced professionals with backgrounds in technology, lending, commercial real estate, banking, consulting and investing that have come together to create a next generation financial technology company.
How does Plum work?
Plum allows borrowers to obtain commercial mortgages through a technology-driven platform and simplified application process. Our clients benefit from access to a diverse array of loan products and terms, transparent application and underwriting processes, quick funding timelines, and a first class client experience.
How does Plum compare to traditional banks and lenders?
We are a platform lender that offers borrowers access to a wide array of loan products and terms. Additionally, our technology-based approach makes the application, underwriting and closing processes faster, more automated and less cumbersome for our borrowers. Because we are not a bank, we have no deposit requirements or other strings that are attached to our loans.
How long has Plum been in business?
Plum was founded in 2014 and has been arranging financing since 2015.
If I’d prefer to speak over the phone or via email instead of doing everything online, is Plum still the right fit for me?
Yes, of course! We are just a phone call or email away. While moving many of the traditionally paper-intensive processes online has helped us streamline things, we recognize it may not be ideal for everyone and are happy to work with you in any way that you prefer. Just call us at 415-230-5600 or email us at firstname.lastname@example.org.
What is the process to get a loan?
Does Plum pull my credit report if I submit an online application?
No. At this stage of the process we will not need to make a credit inquiry and will not require your social security number.
Is there any obligation or fee to apply for a loan from Plum?
No, there is absolutely no cost or obligation for you to submit an application.
Who reviews my application?
What commercial mortgage programs does Plum offer?
Plum currently offers commercial mortgages for acquisition and refinance with non-recourse financing options available. Loan amounts range from $1 million – $25 million for permanent financing and we have the ability to make larger loans on a case-by-case basis.
On what types of properties does Plum lend?
Plum currently lends on retail, office, industrial, self-storage, manufactured housing, hospitality and multifamily properties for commercial purposes. We do not lend on residential properties nor are we offering construction financing at this time.
In what states does Plum lend?
We lend in markets nationwide.
How long does it take to close a loan?
Timing to close depends on the terms of the individual loan, and we realize timing is critical to our clients. Through technology and data automation we are consistently shortening the time it takes to close a commercial mortgage. We will fund as soon as underwriting and processing are complete and we strive to close within 45 days after receipt of your loan application.
Where can I find your rates?
Rates are subject to a variety of factors and change frequently, and we’ll need some information in order to give you a customized quote. Please select Get Your Quote, provide us with some initial information and we will promptly contact you to discuss the terms of your commercial mortgage. Or feel free to give us a call at 415-230-5600 to speak to someone immediately.
Does Plum charge an origination fee?
There may be a market rate origination fee for certain transactions which would range somewhere between par to 1% of the overall loan amount. The amount of the origination fee varies depending on the type and terms of the loan.
How much will Plum lend for my property?