1. Borrower submits loan scenario

Borrower fills out loan scenario application with personal information, including employment status, available cash, credit lines, and property details.

Borrower signs authorization forms, which allow the Fund to pull credit.

Click here to go submit a scenario

 

2. Screening by Pacific First Equity Services

The Fund reviews the borrower’s goals and ability to repay the loan.

The Fund ensures the borrower has a significant equity position in the transaction, as well as an exit strategy. 

If we feel the borrower is qualified to make the loan payments, and the underlying asset we are lending against has enough protective equity, we proceed to the next step.

 

3. Letter of Interest with preliminary terms sent to borrower

Borrower must agree to basic terms in order to move forward.

 

4. Application package, needs list, and disclosures sent to borrower

 

5. Underwriting process

Detailed valuation analysis of the property.

In-depth review of documentation provided by the borrower.

Open Title and Escrow.

Title is checked to determine what is owed on the property and if there are any judgments or tax liens against the borrower. The result of this search is called a Preliminary Title Report.

 

6. Order appraisal

The borrower pays for an appraisal of the property by a certified appraiser.

Once the appraisal is completed, the Fund reviews it and determines whether the loan-to-value ratios are met.

 

7. Revised term sheet prepared and delivered to borrower (if necessary)

 

8. Issue loan documents to escrow company and borrower

 

9. Funding of loan

Prepare escrow and wire instructions, and send to the title company.

Review loan documents for accuracy and completeness.

Release funds.