What is the process?

So, you know now all about pre-qualifications – THERE IS NONE. Now, let me tell you about our process. It is quite simple actually. It starts out with you going out and getting the “property under contract”. WHAT DOES THAT MEAN?? Well, really all that means is where the buyer (you) and the seller have executed a purchase contract. Sometimes in order to do this you may need a proof of funds, well the beauty of our program is we can provide that for you. All you need to do is go under our Residential Loan Fees and we have a link that will take you to a Proof of Funds letter. This is a great letter. It will provide you the proof you need to show either a seller, a bank, or whomever you are trying to purchase the property from that you do indeed have the funds available to purchase the property. But I digress.

Now the process. You now have the property under contract, you are then going to go to our website (By the way, we are updating it and you are going to LOVE the changes that you will be seeing in about a month) and click on the Apply For Loan tab. Here is where the MAGIC begins. You will begin filling out the application for a loan. Now unlike a traditional bank, where you are signing away your first born (or so it feels like it) our application is only a few pages long and mostly we are just trying to gather information about the property. As you recall in our last message, remember the loan is about the property, not about you. So, from the time you give us the application it takes 2-4 days to get the evaluations completed. The $550 evaluation fee has to be paid at the time of application. That is why you don’t submit a deal until you have a fully executed contract. We are using a nationwide independent 3rd party company to do the evaluations. They will send out two evaluators at separate times to review the property, take interior/exterior photos, make and comment about rehab work and the estimates for that work. They will then complete our internal form we require. The evaluators have to be paid for their work and that is what the $550 is for. Now before you ask, no they aren’t appraisers, we don’t use appraisers, nor do we require an appraisal. This isn’t a traditional loan. Nor can we use previous evaluations that you may have had done. During the time these evaluations are being done we need you to get us all the required information to complete the loan. Once we have the evaluations back we can close 48 hours after that. Typically the hold up is with the title company (you choose) waiting for the title report to be completed, closing protection letter or wiring instructions and the hazard insurance agent. In some cases we are also held up waiting for the borrower to get the require documents in to complete the loan. We only have control over 1. The evaluations. They take between 2-4 Days 2. Approval and Docs. We can get that done in 48 hours. Everything else is up to you as the borrower, the title company and hazard insurance agent. We can move very, very fast.

That is the basic process. Happy Investing!!