What To Expect When You Apply

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• Application :
  • We receive your loan application.
• Application and Borrower Review:
  • We assess the property/project (e.g., residential, commercial), its current value, its location, the future value when completed, and sales & rental demand.
  • We evaluate your credit history, past project experience, current financial situation (including income, other assets, and liabilities), and any relevant details of a Special Purpose Entity (SPE) if applicable. 
  • For construction and rehab loans, we review your budget, timeline and other important information related to the project. 
  • While the value of your property or project is essential, we also consider your ability to complete the project on time and within budget and your capacity to repay the loan.
• Quote:
  • If things look good, you get a written quote with rates, fees, and documents we will need from you.
• Due Diligence:
  • We confirm the details you provided and visit the property/project site.
  • We order an appraisal and necessary title documents.
  • We review how you plan to pay off the loan through sale, rental, or refinancing.
• Closing:
  • We issue loan documents, finalize details with escrow and title, and once all is okay, release the funds.

• Loan Servicing:
  • We use a third party to handle the loan servicing, like interest payment processing and insurance checks.
• Construction and Rehab Projects:
  • We use a third party to handle the draw process, including budget reviews, progress inspections, lien releases, etc.

• Know Your Client Documents: We need to know who we are lending to. Examples are Government issued IDs, Proof of Address, Personal & Professional History, and credit report and background check for all the Borrowers, Director, Partners & Major Shareholders
• Special Purpose Entity (SPE) Documents: Project Structure (LLC, Partnership etc.), Org. Chart showing Directors, Shareholders and registered address
• Financial Documents: Assets & Liability Statements, Income & Expenditures Statements, Equity (deposit) proof
• Proof of Income (capacity to pay us back): Last 3-year tax return, 3 Month Bank Statements (Personal & Business), Last 3-year Profit and Loss Statement, Balance Sheet
• Collateral Documentation: Full descriptions, valuation report (if available), tenancy schedule (if applicable)
• Development Related:  Project History, Project CGI Drawings/Elevations, Planning Permission, Permit History/Summary, Development Finance & GDV Appraisal, Professional Team detail (Project Manager, Quantity Surveyor, Architect, Contractor etc), Build Costs, and Exit Strategy

Borrower Profile:

• Personal and/or Business Profile
• Experience & Track Record
• Special Purpose Entity (SPE) Structure & Location

Collateral Profile:

• Development Type
• Residential / Commercial / Mixed
• Location
• Sales & Rental Demand

Exit Strategy:

• Sales
• Rentals
• Mixed
• Refinance