Borrowers

Loan process

apply

You can apply for a new loan by clicking REHAB LOAN APPLICATION under the BORROWERS tab. Or you can download our full loan PDF under the BORROWERS tab and send it to Eddie@KeyPartnersFunding.com

The loan application will ask you basic details about the deal to see if it is a good fit for us to work together. 

Process

Once the application has been received your loan officer will begin working on your file. At this stage they will ask for some additional docuements. Such as driver's license, LLC docs, bank statements, and title company information. 

Underwrite

Next, our underwriter will work with you to confirm some impirtant information. Such as: purchase price, sope of work budget, and after repair value. 

Once all underwriting requirements have been completed, a loan commitment letter which confirms the loan terms and remaining conditions that need to be met, will be issued for your signature. 

Fund

Once a closing date has been confirmed we will finalize loan documents and sen them to your title company for review. Our loan package will consist of of the following documents: Mortgage, Promissory Note, Loan Agreement, Guaranty, Escrow agreement.

Before sending our final wire, we will also confirm: Proof of insurance payment premium showing the lender as additional insured, Lender title insurance commitment, Final review of closing statment. 

Service

First month's interest payment is prorated and collected at the time of closing. Each month thereafter will be collected on the first of the month. 

Once you begin making expenditures on the property and have spent 1/4 of your budget, you simply send us receipts and photo/video evidence of the improvements along with your DRAW REQUEST SPREADSHEET. Once received and approved we will release your first escrow draw. You may do this up to 4 times until the project is completed. 

Repay

Once you have decided to sell or refinance your property just let us know ehn we need to provide you with a MORTGAGE PAYOFF STATEMENT to your title company. 

Any overpaid interest will be prorated back to you at this time. Once the loan has been repaid we will issue a DISCHARGE OF MORTGAGE and your loan will be completed.