The Loan Process
- We will contact you with regular loan updates!
- During business hours, you will always talk to
a real person, not a machine!
- We will call you before you call us!
Our Mobile Home Park Loan Specialists
are here to assist you in making your loan request a smooth
4-step process:
Step One: Pre-Approval (Qualify)
After an initial contact you will be provided with a brief list of items we'll need in order to issue a loan pre-approval. In your pre-approval you can expect a quote for rates, terms, costs, valuation estimate, expected time-frames and instructions on how to proceed to step two.
Step Two: Registration and Engagement (Commit)
Registration is the point in process when we submit a complete proposal package to our underwriters. Upon underwriter's satisfactory review of the loan file, we commit 3rd party funds and any applicable fees in order to engage an appraiser and inspector.
Step Three: Processing (Verify)
After 3rd party reports have been ordered, our friendly loan assistants will request some additional items of verification. This list will usually entail personal tax returns, entity documentation, funds verification, etc. but may vary depending on your specific program. *Note: Speak with your loan officer for questions regarding items that will be used in verification or qualification of the loan. e.g. MFG Advantage Program (our stated program) requires personal tax statements to be submitted for verification purposes not qualification purposes.
Step Four: Closing (Finalize)
Once 3rd party reports are completed and the verification process satisfied, a final loan approval will be issued. Once approval is signed and returned, with any prior-to-closing conditions satisfied, our underwriters draw loan documents. Our assistants ensure a coordinated and timely closing by working closely with your title and escrow agent. *Note: The most common prior-to-closing requirements are in regards to minor repairs that may be necessary due to deferred maintenance issues. These issues are usually addressed prior to final approval due to inspection or appraisal. e.g. Staircase repair because it is not conforming to code or is considered a safety issue.
Total time from start to loan funding is approximately 7 weeks
for small mobile home parks, 8 weeks for large
mobile home parks.
Just a phone call to one of our friendly
Mobile Home Park Loan Specialists will get you started!
541-773-2188
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