Quick
Steps Towards a Commercial Loan
1.
Application
Approximate Time Frame - 5-20 Minutes
The application is the first step necessary
to process your commercial loan. With Platinum Star
Financial, you can submit a secure encrypted
loan application online within a few minutes
time.
2.
Confirmation of Application
Approximate Time Frame - 1 Day
An experienced loan officer
will contact you within 24 hours to confirm
your application. Once we have discussed
your loan request with you and are able to
determine which program best suits your
needs, our loan officer will indicate what
information we will need from you to obtain
a preliminary approval. You will be directed
to our forms links in the website so you may
fill out and complete the required
application forms.
3. Loan
Program Determination
Approximate Time Frame - 1 Day
Once we receive your signed completed
package, a determination will be made as to
whether your loan will best fit our loan
programs or the loan programs of our large
list of preferred lenders with established
partnerships with Platinum Star Financial. In such a
competitive environment, you can rest
assure that this decision will always be
made with your best interest at heart.
After a loan program
determination is made and accepted by you, a
term sheet indicating the terms will be sent
via email or fax for your signature to be returned
via fax.
4.
Processing & Underwriting
Approximate Time Frame - 7-14 Days
Once your Platinum Star Financial loan
officer receives the signed term sheet, the
the underwriting process begins. The process
differs depending on whether it is our
program or a brokered loan program which
better suits your needs. However, the process
does include some back to back communication
with you clarifying any issues
and/or gathering any additional documentation. It is at
this time when communication and/or
gathering any requested documentation within
a timely manner is crucial to avoid delays.
5.
Appraisal
Approximate Time Frame - 15-30 Days
The commercial appraisal
process is very different from residential
and entails a substantial amount of work on
behalf of the appraiser. On a purchase,
depending on the timeframe required by a
contract, we might choose to order an
appraisal at the time we begin the
underwriting process to be able to meet the
closing deadline. Otherwise, the appraisal will
be ordered after approval. At least two
appraisal estimates with local commercial
appraisers will be requested and discussed
with you prior to engaging their services.
The
appraisal plays a major role in the loan
amount approved since lenders generally base
their loan to value (LTV) on the lower of
the purchase price or appraised value.
6. Closing
Approximate Time Frame - 3 Days
Immediately after approval, Platinum Star Financial will prepare the closing documents.
These will
be supplied to a local closing agent in your
area that will close the loan.
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