Clay Sparkman
On several occasions, I’ve discussed the importance of a good loan summary. A good loan summary is fairly crucial, as you approach us with a new loan request, as it speeds up the approval process (or denial) to a surprisingly significant degree.
Given that, it seems logical to discuss how to speed up the rest of the process.
Once a loan scenario is approved, we start our underwriting process which begins with the collection of the following documents.
- Residential loan application (1003) or equivalent (MUST BE SIGNED BY BORROWER)
- Signed and completed Fairfield Disclosure Forms
- Credit report (tri-merge) (if loan is submitted by broker; if borrower submits directly, Fairfield will
- Trio of subject property
- Comps, an appraisal, or some other objective measure of value
- Photo(s) (if not included in an appraisal)
- Cover sheet describing/summarizing parameters of loan
- Preliminary Title Report(s) for all properties
Each loan is unique. In addition to these documents, we may request additional information depending on the type of loan. For a more extensive listing of these documents, please visit our website at http://www.privatemoneysource.com/packaging.php
The timing of the delivery of these items is critical. We can’t underwrite a loan unless we have all the information related to each specific scenario, so the speed in which we can work is largely up to the borrower.
Once each applicable item on the doc list is received, reviewed, and approved, we schedule an inspection to verify that the property matches what has been represented on paper. The property inspection is the final stage of the underwriting process.
There is a story behind each loan, and we want to know all the details. When brokers and borrowers know what items we need in advance and understand our process, we can reduce our underwriting time and ultimately close more loans.
If you have a loan that might fit with these parameters, please e-mail me at clay@privatemoneysource.com or submit by entering a brief summary at http://www.privatemoneysource.com/loanproposal.php. Otherwise, if you would like to get a better feel for our company and the types of programs we do, please browse our web site at http://www.privatemoneysource.com.
– Clay (clay@privatemoneysource.com, 503-476-2909)
Clay is Vice President of Fairfield Financial, a primary source for private money since 1964. Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX, but is able to source loans nationwide. To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php
Tags: hard money borrowing, hard money brokering, hard money loans, private money borrowing, private money brokering, private money loans
