The Loan Process

Sound Commercial Capital Group has extensive experience in speeding up the loan process by knowing how the lender will look at each Client's loan.  This gives Sound Capital an advantage in providing the client's loan to the lender in the best light for speedy processing.  We can usually find and fix simple issues that may delay the funding of a loan.  Sound Capital is the clients partner during the loan process and provides extensive expertise to be our client's advocate during this time. Here is a general understanding of the loan process:

Prequalification

The Client contacts Sound Commercial Capital Group to speak with one of our Loan Managers to discuss your finance needs and goals.  After reviewing the client's overall needs, the Loan Manager will suggest a variety of loan programs that fit the Client's needs.  The Loan Manager will then send out a list of documents needed to pre-qualify the client.  This list is shown HERE so the Client can help speed up the process by having this information ready.   Upon receipt of the needed paperwork,  a Sound Capital underwriting team member reviews and pre-qualifies the client.  Prequalification occurs 24-48 hours after receipt of the documents from the Client.  A pre-qualification letter will be sent to the Client.  Upon receipt of the signed letter from the client, the Client's loan file will be sent to trusted capital sources that specialize in the Client's particular property type to continue the underwriting process and attain a formal lender loan approval. 

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Processing of your Application

The lender's underwriter is responsible for determining whether the application package prepared by Sound Capital's team meets all the lender's criteria for final loan approval. If more information is needed, you will be contacted to supply more documentation.  When the lender approves the loan, the lender issues a conditional commitment letter.  The commitment letter will show the approved loan terms and will require a deposit to order third party reports.  The Client then signs the letter and sends a deposit check.  The lender will then order third party reports, appraisals, environmental reports, title insurance and works with Sound Capital and the Client to clear all conditions to its commitment to lend.

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Closing

The closing will occur after all conditions are cleared and third party reports are received and approved by the lender.  Loan Documents are prepared by the lender and are ready to be signed by the clients.  Loan funding can be a fast as under 30 days to up to 90 days.  The speed of the closing depends on the speed and quality of the   documents needed by the lender.  Sound Commercial Capital Group is your partner during the loan process, providing years of successful experience to help our client partners.