Once we obtain a fairly complete submission checklist we
will screen the deal based upon lending perimeters that
pertain to the loan request. If we determine that the
deal fits into one of our loan products we will issue a
Letter of Interest (LOI) that highlights the basic rate
and terms of our offer. If acceptable the
borrower will be required to sign the LOI and provide a
small deposit in order to forward the deal into
underwriting.
Underwriting may need additional documents in order
to approve the loan. Generally the approval process
takes 5-10 business days after receiving a complete file. A
Commitment Letter will be issued from the bank and a
closer will be assigned to the loan.
The closer may require additional documents prior to
funding and we will coordinate with the closer to ensure
this done in a timely fashion.
The entire process from start to finish generally
takes 30-60 days.
|
