Qualification & Pre-Approval
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1}QUALIFICATION AND PRE-APPROVAL
Submit a loan Application to KIT Professionals Account Manager with the following Items:
* Loan Submission Form
* 1003 Loan Application and Supplement
* Personal Finaceal Statement with Credit Authorization
* Purchase and Sales Agreement (if applicable)
* Two Years Operating History
Issues written Conditional Pre-approval Letter (CPL) within 72 hours of complete package submission stipulating:
* Loan amount
* Rate
* Documents required for underwriting
* Documents required for closing
* Estimated fee for appraisal
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Underwriting
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2 UNDERWRITING
* Collects signed CPL and appraisal processing fee
* Collects all additional information and documentation
* Maintains client communication
* Orders Appraisal
* Orders Title
* Conducts fraud guard
* Obtains environmental insurance
* Conducts real estate and income analysis (when applicable)
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Closing and funding
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3 CLOSING AND FUNDING
* Facilitates ongoing client communication
* Coordinates with title company and attorney
* Prepares all commercial loan documents and sends to closing agent (same day funding available for purchases)
* Sends completed documents to custodian for review
* Issues funding next day
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