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Payoffs & Payoff Statements

Ready to sell or refinance? Here’s how payoff statements work, where to request one, what to expect for timing, and how payoffs interact with draws and servicing.

What Is a Payoff Statement?

When you are preparing to sell a property or refinance your loan, you will need a payoff statement. This document provides the official amount required to fully pay off your loan as of a specific date and includes instructions for completing payoff through closing.

A payoff statement typically includes:

  • Principal balance
  • Accrued interest through the payoff date
  • Any applicable fees or costs required by your loan or servicing
  • Wiring and closing instructions for remitting payoff funds
  • The payoff "good through" window (how long the quote is valid)

How to Request a Payoff Statement

For RTL (Short-Term) Loans:

  • Borrower request: blis.myfci.com/payoffRequestByBorrower
  • Third-party request (title agent, attorney): blis.myfci.com/payoffRequest

For DSCR Loans:

  • Contact Selene Finance directly or reach out to your branch team, who will coordinate the payoff request on your behalf.

Timing: When Should I Request a Payoff?

We recommend requesting a payoff at least one week prior to your intended payoff date. This helps ensure there is enough time for processing and for your title or settlement team to finalize closing figures without last-minute surprises. Payoff issuance typically takes 24 business hours.

How Long Is a Payoff Statement Valid?

Payoff statements are typically good for 30 days, unless one of the following occurs:

  • A payment is made after the payoff is issued (which can change the payoff amount)
  • A draw is taken after the payoff is issued (which can change the payoff amount)
  • The payoff is cancelled or marked invalid, including if a construction draw is taken while the payoff is open, or if the loan enters payment or maturity default, or if the loan is already in default and additional legal and/or preservation expenses are incurred.

If anything changes, including closing date, payments, or draw timing, request an updated payoff and we will refresh it.

Payoffs and Construction Draws

If your loan includes construction or rehab draws, keep this in mind:

  • We cannot initiate a draw request if there is an open payoff statement.
  • If a draw is taken while a payoff statement is open, the payoff statement may be cancelled and will need to be re-issued.

Best practice: If you need both a draw and a payoff in the same window, submit the draw first through TrustPoint and immediately contact your Upright Lending team so we can help sequence the steps and minimize delays.

What Happens After a Payoff Statement Is Issued?

  1. Your title or settlement team uses it to finalize closing figures.
  2. Payoff funds are sent per the payoff instructions.
  3. Once funds are received and applied, the loan is marked paid in full and moves through final servicing steps, including the release of the lien against the property.

What If My Closing Date Changes?

Closing dates shift all the time. If the payoff date changes, notify your team (or submit an updated request through your servicer) as soon as your closing date has been finalized. We will refresh the payoff statement so your settlement figures remain accurate.

Need Help?

If you are not sure what payoff date to use, who to list as the settlement contact, or how a payoff interacts with draws or extensions, contact your dedicated Upright Lending branch team. We will help you choose the fastest, cleanest path to closing.