The Lending Process
Step One – Loan Application
You’re ready to get financing; you’ve done the research and crunched the numbers. Now it’s time to contact one of our BDO’s to get started. A Business Development Officer (BDO), will sit down with you to learn about your company, your financial needs, and review the best options for your business. They will provide you an application and will assist you with any questions. Depending on the specifics of your loan, business and industry, some additional information and supporting documentation will be needed.
Step Two – Underwriting
Our underwriters will process the information from your application and then analyze your business loan request. While your request is being reviewed, there may be additional questions or information needed. The key here is for you to make sure you’re available to respond to these requests, the faster you respond, the faster your loan can be submitted to the Credit Committee for final approval. Once this is done they will prepare the loan report and send it to the loan committee for final approval.
Step Three – Approval and Commitment
Upon approval of your loan, your Underwriter will prepare a commitment letter for you to review and accept. Commitment letters serve to provide details about your loan amount, information about interest rates, collateral required, and the down payment required. The terms and conditions of the loan will also be included in the commitment letter. Your BDO will provide clarification and answer any questions you may have. Once you’re ready, you’ll sign the commitment letter and send back with your good faith deposit. The good faith deposit is necessary for loan closing expenses. These expenses include any appraisal and environmental reports, attorney fees, credit reports, and lien searches.
Step Four – Loan Closing
Once your signed commitment letter and good faith deposit is received, your loan will be assigned to our Loan Closer. They will help you collect the documents needed for to finalize the loan package prior to closing. We provide you with a comprehensive checklist, which includes all the items needed to close your loan. We can also assist you in obtaining those items, making the process simpler.
Once the appropriate items have been collected and reviewed, a closing time will be scheduled. Our Closer will make sure that you have all necessary paperwork and items to bring with you to the closing. Once all documents have been signed and reviewed, you’re done!