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11-09-2021, 10:12 AM #1
Reputation points: 7360
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Hi and thanks for your question. I have a simple, three step process.
First is to simply gather some high level information about the subject property and the borrower. I have a brief list called "Property Questions". If you email me at Dan@BoulderEquityPartners.com I will send that to you. If all looks good upon our preliminary review, I will issue a Conditional Loan Approval. Along with that approval, I will request some documents (application, credit authorization, etc.).
Second Step: When we receive the requested docs, my team will dig in and pre-underwrite the file. Assuming the information provided supports the initial "Property Questions" and the numbers look solid, we will issue a formal Letter of Intent (LOI).
Third Step: The borrower returns the executed LOI and wires the deposit for third party costs (appraisal, legal, title, etc.). Typical close time from this stage going forward is 30-45 days.
NOTE: This process is pretty quick and can be done in less than a week. The reason we pre-underwrite the is that I don't want to take anyone's deposit until I am confident the loan request will fund.
Hope this helps - Dan
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