Let us walk you through the loan process...
When it comes to financing a commercial property, a commercial loan broker that
has years of expertise can save a great amount of time and money for its
clients. The Madison Group (TMG) provides
a commitment to provide superior capital market expertise and highly competitive
loan products. This enhances the firm’s
ability to serve their clients in their endeavor to create and preserve wealth. TMG
and its network of lenders ensure that the clients have access to the best loan
programs in the country. Whether it's an initial purchase or a refinance their
dedicated staff works with owners of commercial real estate to ensure the loan meets
the client’s financial goals.
The process of completing a commercial loan can be difficult. The TMG staff will assist the client each
step of the way to complete the transaction. Outlined below is a good idea of how the loan
process works and what you can expect along the way while working with a
commercial loan broker like The Madison Group.
Step One: Pre-Approval (Qualify)
1. An introduction call with the client
to clarify their needs and goals for the transaction. After this initial contact, a brief list of
property and borrower documents will be requested. Receipt of these items is
essential in order to get an accurate quote.
2. After we receive your documents, the loan
originator will do a preliminary analysis on your file to determine your debt
service coverage, property income and expenses, and other factors are in order. Engaging broker services usually requires signing
a consultant agreement.
3. Your loan is packaged and sent to our
best lenders to obtain a loan quote or offer.
4. After pre-approval with a lender, 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: Application and Engagement
1. The next step in the process, you will
be asked to sign the Letter of Interest or Application with a lender whom you
have chosen and accept the loan terms. Additional
documents and a more complete loan package may be requested by the lender and
their underwriters.
2. Upon underwriter’s satisfactory
review of the loan file, you will then need to make a deposit so that the
Lender along with the processing staff can order the 3rd party reports and
engage an appraiser and inspector.
Step Three: Processing (Verify)
After 3rd party reports have been ordered, the Processing Staff will request
some additional items of verification. This list will usually include personal
tax returns, entity documentation, funds verification, etc. but may vary
depending on your specific program. It
may take several weeks for all the 3rd party reports to be
completed.
Step Four: Closing (Finalize)
Once 3rd party reports are completed and the verification process satisfied, a
final loan approval will be issued. Upon approval, and any prior-to-closing
conditions are satisfied, the lender will draw loan documents. The processing staff
ensures a coordinated and timely closing by working closely with your title and
escrow agent.
As you can see, working with an experienced team
like The Madison Group, will provide expertise and support to you during this
sometimes demanding process. Contact The
Madison Group to get started with our team today.