An Overview of the Commercial Loan Process

CONTACTING US
When you need a rate quote or questions answered, at any time in your shopping process, our highly skilled loan originators will be happy to assist you in finding the program that best suits your borrowing goals. Our staff is trained to give you straightforward, honest answers that make getting the right loan easy. Whether you want a Good Faith Estimate, Pre-Qualification, or a Property Evaluation, you never have to leave your home or office. We will gather the proper information online or over the phone, and email, fax or mail the necessary documents directly to you. The customer can check our most recent commercial loan information and communicate with our staff through e-mail, submit a pre-qualification request, and even apply for a commercial mortgage 24 hours a day, seven days per week.

CONFIRMATION OF APPLICATION
Within 24 hours you will be sent complete documentation relating to your commercial loan, much of it already filled out, for your approval and signature. This package will include a Good Faith Estimate of Settlement Charges, a Broker Loan Listing Agreement and a list of documentation Advantage Broker Capital requires to expedite the processing or your loan. You will be requested to return these documents in a timely manner by mail, email or by fax.

PROCESSING
Once the Loan Officer receives your application they will pre-screen your file based on property, income and credit worthiness. (Your Loan Officer is your point of contact for any questions relating to your loan.) They then gather and assemble all documentation necessary for your commercial loan package. This will include: executive summary, borrower credit and financial analysis, subject property income analysis, property profiles, preliminary title reports, rent roll/lease summary, financial spreadsheets, property plats, floor schematics, subject property photos, preliminary environmental reports (if needed), area maps and demographics, and any other information deemed necessary by your Loan Officer for a successful loan package.

Your Loan Officer will then package your commercial loan request and submit it securely direct-online to a minimum of three to five lenders. These lenders are chosen out of our database of many lending sources based upon "best fit" for you loan request. Typically your Loan Officer will have had several conversations concerning your loan package with these lending sources prior to submission, so he already knows they have a high interest in your loan request.

UNDERWRITING
Once your commercial loan package is submitted to the various lenders, we then receive letters of intent from them. The decision by the loan committees of these lenders to issue letters of intent (these letters specifies the terms and conditions of the proposed loans they are willing to offer; these are not loan approvals or full loan commitments) are based upon several basic factors including, but not limited to: credit, income, debt service ratio, loan-to-value, cash savings/reserves, environmental reports, clear title and property appraisal. The loan committees typically take one to five days to render the letters of intent.

If any issues arise during the initial underwriting process, your Loan Officer will immediately contact you with instructions on how to best satisfy the underwriting issue. Once the letters of intent are issued, we will assist you in negotiating the best terms, fees, and conditions amongst the lending sources. At this point after choosing the most competitive offer, you sign and return the final letter of intent along with a check for a deposit and third party reports (appraisal, environmental reports, etc.) After all third party reports are completed and any/all other underwriting conditions have been satisfied, the final loan package is resubmitted to the loan committee for final approval. It is at this point the lender will issue the final full loan commitment.

CLOSING
After you have been approved, we will prepare the closing documents that will be supplied to the closing agent in your area that will handle the closing. Closing usually occurs within days of approval. Because we work with national service providers, we have confidence that the closing will be scheduled in a timely manner and that the closing of the loan will proceed without difficulty or inconvenience.



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