COMMERCIAL LOAN PROCESS

S&P Mortgage values the relationship with its customers. Specifically S&P Mortgage has transformed that relationship creating a simplified mortgage process that is more efficient for both the customer and S&P Mortgage. This process allows S&P Mortgage to minimize paperwork, reduce processing times, decrease costs, and provide better and faster service to its mortgage customers. Below is an overview of the typical steps required for commercial loan processing:

 1. The process begins when the client contacts an S&P Mortgage Commercial Mortgage Specialist. The Mortgage Specialist will then communicate with you regarding your business needs, goals, holding period for the property, and any details of the commercial loan transaction.

2. Based on the Client’s general needs and goals, the Mortgage Specialist will recommend a variety of loan programs that fit the Client’s necessities.

3. The Mortgage Specialist will put together a commercial loan request package. The loan package will then be submitted to several lenders (usually 3-4) who focus on the Client’s particular property type. Quotes/Letters of Interest will be issued from the lenders(s) detailing the loan request amounts, terms and any specific conditions related to the loan. These are received in about one to five days.

4. The Mortgage Specialist will discuss the different options with the Client, negotiating the best offer with the lender.

5. An executed copy of the Letter of Interest and the good faith deposit will be submitted to S&P Mortgage choosing which program to finance their needs.

6. Any additional information required will be detailed with a checklist in a complete Loan Application Package sent to the Client. Speak with your Mortgage Specialist if you have any questions about the conditions.

7. The formal underwriting process begins when the Loan Application Package is received.

8. In this step a third-party report is required and ordered (Appraisal, Legal, Environmental, etc.) and the Loan Application is processed. The Underwriter will complete a final underwriting approval memorandum.

9. This loan approval memorandum is submitted for review and approval by the Credit Underwriting Committee. Additional conditions may be asked by the committee that you will need to provide within a given timeframe.

10. Once approved, Loan Documents are prepared and readied for execution by the Client.

11. Finally, the loan is funded. Funding usually occurs 20 to 60 days from the date of receipt of a complete Loan Application Package. These turnaround times will depend on the lender, borrower, legal and appraisal reports, etc.

Our goal is simple: QUICK FUNDINGS! Most lenders and brokerages turn around times are 60+ days. Speak with an S&P Mortgage Specialist to find out how quickly you can close on your next deal!