Apartment Loan Store's commercial loan experts will ease you through the smooth four-step loan application process.
STEP ONE: PRE-APPROVAL (QUALIFY)
After initial contact, you will be provided with a brief list of items we’ll need in order to issue commercial loan pre-approval. In your pre-approval, you can expect a quote for rates, terms, costs, valuation estimate, expected time frames and instructions on how to proceed to step two.
STEP TWO: REGISTRATION AND ENGAGEMENT (COMMIT)
Registration is the point in the process when we submit a complete commercial loan proposal package to our underwriters. Upon underwriter’s satisfactory review of the commercial loan file, we commit third-party funds and any applicable fees in order to engage an appraiser and inspector.
STEP THREE: PROCESSING (VERIFY):
After third-party reports have been ordered, our friendly apartment loan assistants will request some additional items of verification. This will usually entail personal tax returns, entity documentation, funds verification, etc., but may vary depending on your specific commercial loan program. *Note: Speak with your apartment loan officer if you have questions about items that will be used in verification or qualification of the apartment loan. MFG Access Program (a no PDTI program) requires personal tax statements to verify the borrower has filed taxes not for qualification purposes.
STEP FOUR: CLOSING (FINALIZE):
Once third-party reports are completed and the verification process satisfied, a final commercial loan approval will be issued. Once apartment loan approval is signed and returned, with any prior-to-closing conditions satisfied, our underwriters draw commercial loan documents. Our assistants ensure a coordinated and timely closing by working closely with your title and escrow agent. *Note: The most common prior-to-closing requirements are in regard to minor repairs that may be necessary due to deferred maintenance . These issues are usually addressed prior to final loan approval, due to inspection or appraisal. For example, repair of a staircase because it is not conforming to code or is considered a safety issue.
Total time from start to loan funding is generally 50 to 60 days, depending on the commercial lender and how soon you can submit apartment loan documents.
A quick phone call to one of our friendly apartment loan specialists will get you started today! 503-376-7303