Funding Stages
We believe it's very important that our Brokers and Clients understand the different stages so that the process is followed and everyone's expectations are met.
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Project Funding Stages Tier 3
Stage 1. Pre-Underwriting
- Submission from the client, with Application and Checklist of Documents (Application).
- The Project goes through the Underwriting Metrics (See Funding Metrics).
Stage 2. Underwriting
- Underwriting either sends the client a denial or a pre-approval letter.
- Internal approval with Partners.
- Waiting for the client to send the rest of requested documentation required to get a term sheet.
Stage 3. Final Underwriting
- After all the documents provided by the client, we will provide a term sheet specifying the terms and expectations of all parties.
- After Term sheet is agreed upon by all parties, Final underwriting will send out all additional needed documents that were not provided previously. (Application/Checklist)
Stage 4. Contract Stage
- After Final Underwriting approves the Project Risk Management then takes over.
- Legal will start working on the loan agreements and documents. (Loan Agreement see Section 9)
- After contracts are agreed upon and signed by the client Risk Management gives final approval.
- After all internal approvals from Risk Management, legal and Loan Documents are signed by all
parties. Loan Documents are lodged with Custodian and Escrow Attorney.
Stage 5. Closing
- Client follows instructions of the Depository.
- Depository confirms that all parties have completed their initial responsibilities.
Stage 6. Post Closing
- Depository follows the draw schedule stated in the Loan Documents and provides the draws to the client.
- Funder collects interest-only payments and principal payments based on the terms and conditions in the Loan Documents.
Have Questions? Call: (678) 369-3996