The Loan Application Process

 

ApplyWe are in the business of making good loans quickly. The better prepared you are in presenting your loan request the easier it is for us to give you an answer and close your loan. We only request the common sense information necessary to underwrite the loan for approval with emphasis on quality of information rather than quantity. We want to make it an easy and an enjoyable experience to get a loan from The Loan Company.

bullet The typical loan application
    and approval process works like this:

  • Complete The Loan Company's RAPID REVIEW online quick loan application. We will get back to you within 24 hours.
  • OR Call The Loan Company at 619.293.7770 ext. 20 and verbally explain your request or email your request to John Lloyd jlloyd@theloancompany.com.
  • We will give you an answer on the spot if the request fits our general parameters; then we will give you a short list of items we will need to move forward.

bullet Standard items typically required:

  • Personal Financial Statement (or 1003 loan application)
  • Tax returns for the previous two years
  • Pertinent property and borrower information (e.g., location, tenants, rent roll, bldg. sq.ft., age, land area , cost, operating statement, etc.)
  • Digital photos if available
  • Borrower Credit Score (if not available, lender will order the report)
  • If the borrower is a corporation, LLC or partnership, all the necessary financial statements and tax returns, as well as the entity documents, will be required.

bullet Expediting Loan Closing:

Once information is received:

  • We will either verbally quote the loan amount and terms subject to any conditions or prepare a Letter of Interest outlining the loan proposal.
  • Once we get your OK either verbally or through the signed LOI and conditions have been met, we will open escrow and order the Preliminary Title Report and proceed to close the loan.
  • The loan can be closed in a matter of days assuming all the information requested has been received and any conditions required have been met.

 

To expedite the decision process, click on Borrower Resources for forms that assist in submitting a concise and complete loan package to the lender .