What is the process of obtaining a loan?
What are the steps involved from start to finish?
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
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Written by Alison Dalton, Case Manager