Loan Process
Contact Us 786-515-0033
10 Steps to Closing Commercial Loans 1. Broker submits the loan package to Lincoln Road Funding via email or fax. 2. LRF Account Manager reviews the loan application to make sure it meets the underwriting criteria and sends out a Letter of Interest (LOI) or pre-qualification letter within 24 hours. 3. Once the broker/borrower agree to move forward and submit any missing conditions required for underwriting approval, the loan is then submitted to U/W for review and conditional approval. 4. The U/W will review the completed loan application package and issue a Conditional Loan Approval (CLA), which will be sent out by your Account Manager via email within 48 to 72 hours. (This time frame is from the date a complete package has been submitted to underwriting). CLA will include rates, terms and a list of conditions needed to fully underwrite and close the loan. *Actual u/w turn times vary by program. 5. Upon borrowers acceptance of the CLA and receipt of the due diligence fees to LRF, your loan will move into processing and we will proceed to order title, environmental reports and the appraisal report. 6. Once the appraisal, environmental, and title reports are received and reviewed, the file will move into final underwriting review. Additional conditions may be requested at this time based on this review. 7. When all remaining conditions have been satisfied, the loan will be subject to final approval and a final loan term sheet will be issued. 8. Final Loan Term sheet and Broker Compensation Agreement to be executed and accepted prior to scheduling the closing. 9. Title company will schedule a closing date. 10. Loan is funded once borrower signs all loan documents and they are returned. For pre-approval of your loan, please submit the following: 1. Broker 2. Lincoln Road Funding Loan Submission Form 3. Signed 1003 Loan Application (for each guarantor) 4. Tri-Merged Credit Report (<30 days old - for each guarantor) 5. Pictures of Property (2 Exterior and 1 Interior) 6. 3 years Personal and Business Tax Returns 7. Rent Roll (for investment properties) 8. Purchase Contract (if applicable) 9. Income & Expenses (for Investment Property) or (YTD) Year to Date Profit & Loss (for Owner Occupied property)