What is the process of obtaining a loan? The steps involved from start to finish include:
- Enquiry submitted to The Property Finance Collective via an enquiry form on the website or our mobile app
- A Case Manager picks up the enquiry then reviews the provided information to make sure nothing is missing and to gain a full understanding of the deal
- The Deal is packaged and sent to relevant lenders
- Lenders will respond with their offer Agreement in Principle (AIP)
- The Case Manager compiles a spreadsheet of all the AIPs that we receive from Lenders, which will then be sent for you to review
- Once you have chosen the lender you wish to proceed with, the Case Manager will send you the relevant paperwork to complete, these generally include: Application Form, Property Portfolio and Assets and Liabilities Statement. They may also need photographic I.D, Proof of Address, 3 months worth of Bank Statements, Credit Report and a Schedule of the proposed works
- The Lender will then get valuation quotes and availability and you then choose who you would like to go with and pay the relevant fee
- The Valuer will then send a report to the lender for a review and then the lender will send you an offer letter – if they are happy with the Valuation
- Solicitors will then be instructed, you will have to pay fees for your own Solicitor as well as the Lender’s solicitor. Top Tip: Make sure you choose a Solicitor local to you as you will have to go into the Solicitor’s office to sign documentation. You also need to use a Solicitor’s Firm with at least 2 SRA Partners.
- The Case Manager will then liaise with you and the Lender to make sure that the legals are completed as quickly and efficiently as possible
- Once the legals have been completed then the funds will be sent to your solicitor
- The case will then complete
Of course, in practice. What is the process of obtaining a loan? In real terms! Involves us supporting you step-by-step with open lines of communication, from beginning to end.