LOANSUBMISSIONPROCEDURE 1. FillouttheApplicationSubmissionform(excelspreadsheet) 2. CollectthefollowingdocumentationshownatthebottomoftheSubmissionform a. 3yearstaxreturns b. 3yearsfinancialstatements c. CurrentPFSonallborrowersandguarantorsincludingrealestateschedule d. Yeartodatefinancial/operatingstatementonprimaryentity e. RentRoll,ifapplicable f. Copyofthepurchasecontractorestimatedtermsifpurchase g. Resumesofkeyprincipals 3. Prepareprequalificationquickanddirtyspreadsheetanalyzingfor; a. DCR b. Incomeratios c. Liquiditytest d.
. Networthtest a. Incometest 4. SubmittoeitherChrisorFredforreview(ShawnM?) 5. Ifacceptable,ChrisorFredwillopenSharePointsiteandassignusernameandpassword. 6. AfeeagreementwillbepreparedbySok,Fred,ShawnorChrisandprovidedtoOriginatorto obtainsignatureandcollect$10,000applicationdepositplusanyadditional3rdpartyreport depositasrequiredbylender.Ifalesserdepositistobecollecteditmustbeapprovedby Sok,FredorShawn. 7. Uponreceiptofdepositwewillorderthefollowing: a. Appraisal b. Phase1 c. Title d. Inspection,ifapplicable e. Credit 8. TheloanwillbesetupinLMS,Fred,Nancy,Chris. 9. Underwriting 10. ApplicationsubmittedtoPoolerforbid,Fig,Coastal, 11. IssueCHCapitalLOI 12. LoansubmittedtoCDCforapprovalandSBAloannumber 13. ReviewLMScreditmemoagainstCDCapprovaltoconfirmamatchandadjustasnecessary. 14. Collectandsubmitthebalanceofdocumentationneededforfullunderwriting(seeattached 504lists).DocumentsshouldbeuploadedintotheloansSharePointfolder. 15. FindandsubmittofirstlienLender,bankornonbank,toobtaintheircommitment(Sok, Shawn,Fred) 16. Pricetheloanandconfirmacceptancefromborrower.Ifdealfromabroker,informbroker ofcommission 17. ReceiveLenderfinalcommitment
18. ReviewcommitmentagainstCDCletterforconsistency.Adjustasnecessary 19. CollectanduploadanyadditionaldocumentationrequiredbyeitherCDCorLender.Lender andCDCwillhaveaccesstotheSharePointfile,sodonotputanythingintherethatisnot acceptablefortheLenderstosee. 20. Closetheloan 21. Compensation
For more information contact: Sok H. Cordell Sr. Managing Director 503-640-5200 [email protected]
