Initial Loan Review
- A determination is typically made within 48 hours of receipt of the items needed to complete an initial eligibility review. For the list of items needed for an initial review please click here.
- If the initial review determines the property is viable for financing a Conditional Loan Commitment (CLC) will be issued. The CLC will outline the loan amount, terms, and required deposit.
Underwriting / Approval
- Within 48 hours of receipt of the executed CLC a checklist with the items needed for full underwriting will be provided to the borrower/broker.
- Upon receipt of all checklist items, the underwriting process is typically completed within 10 business days.
- When loan approval is obtained the Lender will issue a final commitment letter (CL).
- It should be noted that appraisals take approximately 3-4 weeks for completion.
- Loan documents will be prepared upon receipt of the executed CL and satisfaction of any remaining conditions.
- Closing and funding typically happens within 48 hours of loan docs being prepared.