Below is our step by step loan process for new customers. Once you become an existing customer, the process becomes streamline as we will have most of your documents already on file for future loans.
- Submit Initial Documents– Submit Loan Application through website https://eprivatelending.com/application/ . Additional Members/Owners will only complete the Guarantor section at https://eprivatelending.com/guarantor-application/ . After submitting application, email all other initial documents listed below to firstname.lastname@example.org.
- Credit Report– Provide a personal tri-merge credit report for all Members of the business. The credit report must list all three credit scores, all tradelines with balances and be less than 90 days old from application date. You can order your personal tri-merge credit report at experian.com
- Identification– Driver’s license and Social Security Verification for all Members/Guarantors.
- Assets – Most recent month business checking statement from business entity.
- Entity Documents – EIN, Articles of Incorporation and Operating Agreement.
- Purchase Contract – (Purchase only and not required for pre-approval) Signed contract by all parties including any amendments or addendums.
- Construction Budget – (Rehab only and not required for pre-approval) Provide a detail scope of work and budget for each line item. Note: Draws will only be paid on line item repairs 100% complete.
- Receive Commitment – Once all initial documents are received, you will be contacted by our company to discuss your loan and answer any questions you may have about the process. We will issue a Commitment Letter, set up initial property inspection, order AVM/appraisal and title at this time.
- Finalize Loan – After appraisal and title are received, your loan will be ready to schedule closing. It will now be time to provide proper Insurance coverage with the Lender listed on the Commitment Letter as Loss Payee on Policy.
- Fund Loan – Loan will fund on the same day closing docs are signed provided all Members and Guarantors have signed before wire cutoff. Note: If you are a Guarantor and married, your spouse will be required to sign the Continuing Guaranty at closing.