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OBTAINING A COMMERCIAL LOAN INVOLVES THE FOLLOWING STEPS:

[1] INITIAL CONTACT, SUBMISSION OF MINI APPLICATION
[2] ISSUANCE OF INTEREST IN THE TRANSACTION
[3] SUBMISSION OF FULL PACKAGE BY BORROWER
[4] UNDERWRITING AND ISSUANCE OF LETTER OF INTENT
[5] SIGNING OF LETTER OF INTENT BY THE BORROWER, SUBMISSION OF THIRD PARTY FEES AND ADDITIONAL DOCUMENTS AS NEEDED BY THE UNDERWRITER,
[6] FINAL PROCESSING AND SETTING UP CLOSING DATE,
[7] CLOSING AND DISPURSEMENT OF FUNDS.

PROCESSING A COMMERCIAL LOAN IS VERY COMPLEX.

THERE ARE LOTS OF FACTORS THAT DETERMINE THE APPROVAL OF A LOAN AND THE INTEREST RATE.THIS PROCESS CAN BE SIMPLIFIED ONCE THE STANDARD PROCEDURE FOR THE SUBMISSION OF THE LOAN DOCUMENTS IS FOLLOWED.

PLEASE KEEP IN MIND THAT FROM UNDERWRITER’S POINT OF VIEW PROCESSING A LOAN PACKAGE IS LIKE CHECKING A VEHICLE FOR PURCHASE. WOULD YOU AS A CAR BUYER CONSIDER BUYING A VEHICLE THAT IS MISSING A DOOR, HOOD AND ENGINE!!! LOAN PACKAGES ARE LIKE A CAR. UNDERWRITERS WANT TO HAVE ALL THE DOCUMENTS IN THE FOLDER SO THAT THEY CAN MAKE A SOUND DECISION ON THE LOAN WITHOUT WASTING TIME AND/ OR WAITING FOR MISSING DOCUMENTS TO ARRIVE. SUBMIT ALL DOCUMENTS ON FIRST SUBMISSION.

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ALL SAID AND DONE HERE IS HOW YOU GO ABOUT STARTING YOUR APPLICATION:

1- SUBMIT A MINI APPLICATION SO THAT WE CAN FIND OUT IF WE HAVE INTEREST IN THE TRANSACTION. THIS PROCESS IS FAST AND FREE. JUST TYPE YOUR INFORMATION LIKE THE ATTACHED SAMPLE AND EMAIL IT TO US.
2- WHILE WAITING FOR OUR GREEN LIGHT, GATHER ALL THE PERTINENT INFORMATION ABOUT THE PROPERTY AND YOURLEF /SELVES AND HAVE IT REAYDY FOR SHIPMENT. REVIEW AND FOLLOW THE CHECK LIST PROVIDED TO ASSEMBLE YOUR DOCUMENTS.
3- THERE ARE TIMES THAT A BORROWER NEEDS QUICK FUNDING, HAS A LOAN PACKAGE READY FOR SUBMISSION; IN THAT CASE THE LOAN PACKAGE CAN BE SENT TO US IMMEDIATELY.
4- AFTER PROCESSING THE LOAN DOCUMENTS A LETTER OF INTENT (LOI) WILL BE ISSUED WITH DETAILS OF THE RATES AND THE FEES AND OTHER CONDITIONS.
5- BORROWER SIGNS THE LETTER OF INTENT AND FOLLOWS THE INSTRUCTIONS PROVIDED BY THE UNDERWRITER.
6- LENDER WILL ORDER THE ADDITIONAL NEEDED DOCUMENTS THAT REQUIRE THE SERVICES OF THIRD PARTIES SUCH AS APPRAISAL, CREDIT REPORT, ENVIRONMENTAL REPORT, SITE INSPECTION, ETC…
7- CLOSING DATE WILL BE SET, AND FUNDS WILL BE DISBURSED.

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