GCCIG PROCEDURES & REQUIREMENTS
A. Borrower provides a detailed Letter of Intent (LOI) (Template Provided) LOI must be on Borrower’s or Company Letterhead)
B. Borrower Financial Review Document Completed & Signed
C. Borrower fills out Intake and Application Forms
D. Proof of funds (can be from CPA, VOD, Letter from your Banker with Bank Statement, no Seasoning Required)
E. Copy of legible current State issued photo identification. (Passport or Driver’s License) (Scan Copy works best)
A. Private Lender will return to Borrower with a preliminary approval within 48-72 hour of loan application, this will outline an overview of terms, conditions, NCND and initial funding offer.
B. Borrower will be asked to review the preliminary approval offer and proceed with step 3 if they so choose.
A. Signed Purchase Agreement by Borrower
B. Copy of BPO, (Appraisal not required) and Assessment Tax Records of Note
C. Completed & Signed Application & Intake Forms (Provided)
D. Copy of listing agent info/MLS listing number (If Private Sale copy of Warranty Deed/Proof of ownership & Payoff statement)
E. Realtor/Broker Fee Sheet, Realtor/Broker Referral Form (Provided If Applicable)
F. POF (Proof of Funds) of 20% – 30% Minimum Down Payment Required (Mezzanine Financing may be applied for on a case-by-case basis at up to 10% of loan amount)
A. Underwriting and funding within 30 – 45 days; depending on Borrow loan request date and timely completion of required paperwork.
A. Borrower may choose Title Company, their attorney or real-estate agent to attend closing at location of their choice.
A. Closing and Funding of Loan!