Core Commercial Capital is dedicated to providing the Borrower with a fast, efficient process to a) collect documents for initial underwriting to issue a Letter of Intent (“LOI”), b) perform due diligence and obtain final approval to issue a commitment, c) coordinate with borrower and/or borrower’s attorney to clear closing conditions, and d) close and fund the loan.
The following is more detail on the loan process:
The initial underwriting is based on the criteria of the individual loan program. To submit a loan proposal, the following material is needed for the pre-underwriting stage:
- Commercial Loan Application or Executive Loan Summary
- Current personal financial statement
- Last 3 years’ tax returns- business & personal
- Last 3 years’ real estate holding tax returns (if applicable)
- Purchase/Sale Agreement (if applicable)
- Color photographs of the property
- Breakdown of renovations/improvements, and use of proceeds
- Appraisal (if available)
- Additional information may be required depending on the loan program
Letter of Intent (LOI)
Once a project appears to meet the underwriting criteria, a Letter of Intent (LOI) is issued to the borrower. The LOI outlines the general terms and conditions including the loan amount, rate, term/amortization, collateral, guarantors, and any other information, terms or conditions.
Underwriting and Final Approval
After receiving the signed LOI, Core prepares the loan package for formal underwriting. If additional documents and/or information is required, we will request those from the Borrower at this time. Once formal underwriting is complete the loan package will be submitted for final approval. Final Approval (whether signed by a Lending Officer or Loan Committee) depends on the loan program, size of loan and other factors.
After Final Approval, a firm commitment is issued with final closing terms and conditions to proceed with the funding of a loan.
Once all closing terms and conditions are completed, the closing is scheduled.