BPLA

Business Purpose Loan Application. is either denied, additional info requested, or pre-approved

Pre-Approval Letter

(after B.P.L.A. info is received) ​Pre-Approval Letter includes: submission checklist, pre-approval, and secure access to portal for Borrower/Broker

Portal Log-In

Borrower reviews submission instructions and downloads ACRA documents from portal; then Borrower uploads completed documents into portal

Phase 1

Processor initiates Loan Set-Up and requests Borrower's background and credit

Processor Review

Processor reviews Borrower's bank statements, rehab budget, background, credit & entity documents, and completes vetting

Processor

Processor orders Appraisal & Title is initiated

Waiting on Appraisal

Appraisals take 5-10 business days. Outstanding conditions are being ​collected and analyzed. All documents need to be submitted prior to appraisal completion

Appraisal Review

Processor reviews Appraisal and sends to third-party review (TPR)

Phase 2

Appraisal & Title complete; Processor uploads all documents to portal

Processor Final Review

Processor ensures all documents have been reviewed per guidelines and moves file to “Right-Hand” side of portal

Underwriter Review

Underwriter reviews file within 24 hours; Underwriter either sends file back to Processing with conditions to be met by Borrower or approves file

Approval

Management alerts Funding/Closing and Servicing that file is approved; commitment letter sent

Closing

Funder/Closer ensures contact with counterparty and drafts closing documents

File Sent to Servicing

Funder/Closer sends draw schedule and client information to Servicing; servicing instructions sent to Borrowers

Commitment Letter Executed

Borrower returns executed commitment letter to ensure terms before funding Borrower

Funding

Funder/Closer ensures delivery of funds and post-closing document collection