HARD MONEY LOAN PROCESS
PRELIMINARY LOAN APPLICATION
Complete the loan application. This will ask you for some basic information about the property and its location, the amount requested, the purpose of the loan, and yourself.
PRELIMINARY IN HOUSE REVIEW
Silver Jack Capital will review the information provided and determine whether the loan requested meets our criteria. We will provide you with an answer within 48 hours of receiving the Preliminary Application. If the preliminary answer is yes, it will be subject to due diligence.
DUE DILIGENCE
Silver Jack Capital will then perform its due diligence. This will consist of an inspection of the property, followed by valuation of the property either by means of an appraisal or a BPO (Broker Property Opinion). Once the valuation process is completed and is determined to be sufficient to support the loan, then we will order a Title Commitment. We may at this time request additional information about the borrower and the exit strategy.
FINAL COMMITMENT
When due diligence has been completed and all is determined to be in order, then we will issue a loan commitment that sets forth the terms and conditions of the loan to be provided.
CLOSING
If the loan commitment is acceptable to the buyer, then we will proceed to arrange for the closing of the loan. Documents will be prepared by a licensed title company. The documents will be the Note, the Trust Deed and the settlement statement. The loan will be set for a closing once all documents have been executed.