CLIENT ORIGINATION PROCESS
1. Client submits an Executive Summary for their deal. (Preferably before you submit your offer or LOI to your seller>)
2. PMA will generate an Initial Terms offer for the client. If the terms are acceptable then we will send the client docs required by the Loan Officer and Underwriter. Generally, we will be able to generate terms within 24 hours unless its new construction or multi family 5+.
3. Client will return the documents to PMA and that will start the clock.
Fix and Flip Bridge Loans
30 Year Stated Income Rental Loan
New Construction Loans
Multi Family 5+ Doors
Some lenders require a Broker Fee Agreement, but most do not. If we go through one of them, we will send that, and it must be returned prior to submitting it through our portal with them.
WE ONLY ORIGINATE LOANS FOR ENTITIES. YOU MUST BE AN LLC OR CORPORATION!
YOU WILL NEED AN APPRAISAL, TITLE WORK AND INSURANCE. YOU WILL GET A LINK FROM US TO PAY FOR THE APPRAISAL. THIS MUST BE DONE TO SCHEDULE THE CLOSING.
1. Executive Summary
3. Broker Fee Agreement (if required)
4. Experience worksheet. Also known as Schedule of Real Estate Owned or Sold.
5. Scope of Work for Rehab Loans
6. Loan Application
7. ***Credit Authorization (soft pull, our lenders accept the median of the 3 reports)
8. Zero Tolerance for Fraud Statement (COGO Capital only!)
9. Lender specific documents.
10. For rentals we will need leases, rent rolls and T12’s.
11. New Construction and Multi Family require additional documents.
12. Bank statements vary per lender or product.
*** Credit is only used to place a borrower in a tier. Some lenders do require a 600 FICO, and in some cases higher for specific product eligibility.
I recommend contacting us before you send your offer or LOI. We can verify it will qualify for a lender. Also, please understand that once we have an offer the timeframe depends largely on you. If you need a faster close we will need docs right away. There are lenders who can do 10-14 days but most take 21-28 days ONCE THE DOCS ARE SUBMITTED!