How does Ubium Lending differ from other loan programs?

Ubium Lending offers preferred loan rates with no origination fees and flexible terms.

How do I apply?

The application is easy. You can visit your local store, or you can call 310-697-6970 and we’ll help with the application process.

Why can’t a contractor quote loan rates?

As a federally insured financial institution we are legally required to quote rates for all loan products in a very specific manner. To ensure we remain compliant with federal regulations, it’s important that only bank employees quote rates.

How does Ubium Lending determine whether to approve a loan?

We review each application, thoroughly analyzing the borrower’s creditworthiness, ability to repay and collateral value (when applicable).

How long does it take to get a loan?

It depends on the type of loan and the completeness of the application package. Once we receive a complete application package our underwriting team can usually decide in 24 to 48 hours.

I’ve heard it’s hard to get a loan. Is that true?

We are able to make loans through Ubium Lending. As with all of our decisions regarding a loan product, we will base our decision on the borrower’s creditworthiness, liquidity and ability to repay.

How does Ubium Lending handle multipurpose loans? Can a contractor’s bid include additional work?

Yes, however, we will create two separate loans for the customer. If the loan is secured by a home we can finance 100% of the project as long as 51% of the project costs are for a Ubium Lending-approved project.

Will Ubium Lending notify the contractor when a customer’s loan is approved or declined?

Privacy policies and regulations prohibit us from communicating loan decisions to anyone other than the customer. We recommend that contractors keep in close contact with customers regarding the final decision.

How is the project funded after the bid is approved?

After the loan is approved, funds are disbursed based on the customer’s instructions. In most cases, proceeds for the full amount of the loan will be paid to the customer. Sometimes, a down payment to the contractor at that time of disbursement could be made at the request of the customer. The balance of the loan proceeds will be disbursed to the customer. Subsequent payments will be made directly from the customer to the contractor.

Does prepayment reduce the term of the loan?

Every situation is different; therefore customer questions concerning prepayment or a change in loan terms should be directed to Ubium Bank. We will work directly with the customer to answer their questions.

If one of my customers applies for a loan and is declined, is that the end of my opportunity?

Not necessarily. There are times when we may counter offer a customer’s original loan request and, of course, customers can certainly apply for another one of our loan products.

Does Ubium Lending work with the customers to ensure they’re receiving the appropriate tax credits and incentives?

That would be handled by the contractor and local utility. Additionally, customers should always consult with their tax preparer.

Is there any way that the loan can be paid with tax credits after they’re received?

Since there is no pre-payment penalty, the borrower is able to reduce the principal amount at any time. Since tax credits are tied to a borrower’s tax liability, they are not a source of loan repayment, per se. Should the borrower sell their tax credits to a pass-through partner, they are able to apply the proceeds of that sale to the loan. Customers should also consult their tax advisors regarding the use of tax credits in this manner.

Are you actively pursuing purchasing state tax credits?

At this time, we are not seeking additional tax credits of any type.

Why is Ubium Bank taking part in Ubium Lending?

At Ubium Lending, we’re all about investing in local communities and finding meaningful ways to foster sustainability. Ubium Lending combines two of our favorite things. The program is good for Ubium Lending, great for customers and excellent for our collective goal of creating energy efficiency.

I already have a banking relationship elsewhere. Do I have to switch to Ubium Lending? Are there other benefits or discounts if I do?

While we would love it if you switched to us, we don’t require it. But if you do move your banking relationship to us, you could receive additional rate discounts if you take advantage of automatic payments from an Ubium Lending deposit account. Our standard rates are VERY GOOD, Ubium Lending Program rates are BETTER and when you also have an account and Autopay with us, we can offer the BEST rate available for this program.

What else is Ubium Bank doing to be green?

At Ubium Lending, we’ve made sustainability a focus of our daily operations. It’s part of our vision of being the World’s Greatest Bank and part of our associates’ desire to do what’s right in their communities. Our ubium.sustainability team educates our associates and comes up with ideas that affect the entire company. Among our accomplishments:

• Our Think Before You Ink campaign reduced our paper use 28% over three years, despite an 8% increase in full time associates.
• Mass transit reimbursement for associates, fleet car purchasing standards that have resulted in a near complete transition to hybrid models, and a relationship with Zipcar.
• A retail store model that includes smaller square footage, digital technology that shares product information electronically, and serves 100% organic fair-trade coffee.

These are just a few of our efforts. We know sustainability is a constant work in progress and we’re proud to be on that journey.

Loans are subject to credit approval.