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The 100% Loan Program -- The  Process... 

What are the steps in the loan process for this  100% Loan Program?  Well, it is pretty similar to the process for all of our loan programs. This is a very straightforward and simple process. The procedural steps involved in this loan process includes the preliminary phase, the application phase, and the loan processing and  closing phase.  

Preliminary Phase:

Submit summary of  your loan to Position 1 -- Receive feedback from Position 1

If deal is determined to be a good fit for loan program then borrower may begin the formal loan process.

If deal submitted by a broker, they should inform Position 1 of their  point/fee requirements at this time.

 

Loan Application Phase:

1

Borrower prepares official application for Investors

Sign Non-Compete Non-Disclosure Agreement

Provide proof of funds/ proof of liquidity 

 

2

Conference call with the investor to review funding details.

Borrower/ client can ask any questions and get history of the investor.

 

 3

After the conf call, an LOI  (letter of interest) and  fee sheet is issued to the client/borrower.

App fee:  $1,500      Underwriting fee: $15,000 (paid  in 2 stages: $7500 after the conference call and $7500 at commitment)

Note: Underwriting fee may vary as to the complexity of the loan request.

 

Processing & Loan Closing Phase:

 

Additional Notes:

The investor fees, if any, are usually rolled into the loan where possible.

We will use the client's/ borrower's appraisal in most cases…..subject to review …may need to be updated or modified for investor guidelines.

Broker fees are protected.                                

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